|UK - A MAJOR ECONOMY
As a member of the European Union the UK is part of the world's largest
trading entity, with more than 370 million consumers.
However, the UK is also a major market and economy in itself due to
the fact that it:
- has a population of 58.8 million (Census 2001);
- has the lowest barriers to inward foreign direct investment
the industrialised world (Organisation for Economic Co-operation
and Development - June 2003)
- is the second largest recipient of foreign direct investment
('FDI') in the world (UNCTAD, September 2003) and is forecast
to maintain this position until at least 2006 (EIU);
- is the largest recipient of FDI compared to its major competitors
(in relation to the size of its economy);
- UK is the 4th largest trading nation, accounting for 5% of world
trade in goods and services (World Trade Organisation - 2002
- has low unemployment, with rates below the EU average;
- is one of the most attractive and profitable locations in Europe
for investors thanks to its historically low tax environment;
- has the best city (London) in which to do business (Healey &
Baker's European Cities Monitor, October 2003).
These details are taken from UK Trade & Investment Information
Sheet which you view or download by clicking
here. Or, you can visit www.uktradeinvest.gov.uk
for more details.
site provides the Economic Benefits offered by the UK as follows:
The United Kingdom is the most favoured inward investment location
in Europe, attracting around 40 per cent of Japanese, US and Asian
investment into the EU. The reasons for its popularity are many
as it has a great deal to offer overseas companies. Fast, easy access
to the EU single market (the world's largest market with 380 million
consumers), a highly skilled, flexible, English-speaking workforce,
and an environment which allows business to prosper.
Companies based in the UK are well-placed to do business in the
global marketplace. Britain's integrated transport network provides
fast, low-cost delivery throughout Europe. The UK's comprehensive
and toll-free motorway and road network links all industrial centres
to air and seaports, and every location in the UK is within 100
miles of a container port. The Channel Tunnel links the UK by road
and rail to the rest of Europe, and both Paris and Brussels are
just three hours' journey from London by rail.
The UK has 28 million skilled and adaptable workers, and high standards
of education with a strong emphasis on vocational education and
training. Labour market regulations in the UK, including working
hours, are the most flexible in Europe, and staffing costs are highly
competitive. The UK has a strong science and technology base, with
world class design, research and development disciplines. Many UK
universities and scientific institutes are taking part in collaborative
research projects with businesses.
Finally, the UK's business environment gives every incentive for
companies to grow, innovate and compete in a global marketplace.
It has the lowest utilities costs in the European Union, and a telecommunications
industry that is one of the most advanced in the world. There are
tax allowances available for companies setting up in certain areas
of the UK. Plus, the UK has the lowest main corporation tax rate
of any major industrialised country, and there are no additional
local taxes on profits.
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