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An unrivalled partnership
Partnerships are increasingly important in today’s ever-more competitive global economy – and there can be few as crucial as that between the UK and the US. Thanks to the ties borne through language, history, culture and shared values, and our mutual commitment to entrepreneurialism and the free market economy, the trade and investment relationship between our two countries can have few rivals throughout the world.
US firms are continually attracted by the numerous strengths of the UK as an inward investment location. It is home to over 9,000 US companies and consistently takes the lion’s share of US investment into Europe each year. US firms, like thousands of others throughout the world, are enticed by the UK’s superb business environment, economic and political stability and highly skilled and flexible workforce. It is also increasingly seen as a cutting-edge pioneer in technology, design and creativity – aided by an unswerving commitment to excellence in research and development.
As a result, UK business is increasingly bullish about the economic future. In the recent prestigious CEO Briefing survey, which is carried out annually by the highly respected Economist Intelligence Unit (EIU) on behalf of UK Trade & Investment, nine out of ten US-based executives considered business prospects over the next three years to be either “good” or “very good”. Indeed, UK economic growth is forecast to remain healthy for the foreseeable future.
Of course, as well as locating in the UK to access the growing domestic market, US firms also see it as an ideal gateway to building success throughout an expanding Europe. About half the US companies involved in Europe locate their continental headquarters in London. The UK capital is consistently voted by leading companies as Europe’s best city to set up a business – helped as it is by being free of many of the regulations that have stifled corporate success within the EU. Establishing a presence there, and in the UK’s other dynamic commercial centers, is refreshingly uncomplicated and pragmatic.
London can claim to be one of the world’s most international cities. It is Europe’s largest international banking center, boasting an estimated 41% of all the EU’s financial services and the world’s highest number of foreign banks. Amazingly, you will find more US banks in London than in any US city. Moreover, over 65% of Fortune 500 companies have London offices.
And success is not confined to the capital. Other UK cities are also attracting increasing levels of foreign direct investment, with a growing number of US firms setting up subsidiaries. Recent examples include Pennsylvania-based Penn Services, a provider of employee assistance programmes, which opened a UK subsidiary called Curo Aeger in Leicester after being impressed by the large pool of talent in the Midlands area. Similarly, Austin video surveillance technology firm CoVi Technologies has established an experienced three-person team in Oxfordshire to lead its expansion in the UK.
It goes without saying that, although the relationship between the UK and the US is incredibly solid, we must not be complacent and must work to ensure that our partnership continues to go from strength to strength. This is something that I am personally very committed to. It was with great honour, for example, that I recently accepted an invitation to join the International Advisory Board (IAB) of BritishAmerican Business.
Based in New York and London, and with a network across more than 60 European and American commercial centers, BritishAmerican Business is the leading transatlantic business organization, and plays a pivotal role in promoting trade and investment between our two countries and helping its member companies develop their international success.
In this prestigious capacity, and as Chief Executive of UK Trade & Investment, which helps overseas companies seeking to set up or expand in the UK, I will strive to make our invaluable economic transatlantic relationship thrive even further in the years ahead.
For more information, visit: www.ukinvest.gov.uk
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