Three facts about the current market in the UK
Every company that wants to continue trading with the United Kingdom is worried about how the outcome of Brexit will influence trading deals and export volumes. So what is the current situation on the UK market right now? Here are three things you need to know.
Anthony Fowler of Fairways International shared his expertise about the UK Market at the Market Update UK seminar at the West Sweden Chamber of Commerce.
1. Good opportunities in many sectors
”Regardless of Brexit, there are a number of key sectors of the UK economy that will continue to have good potential for European suppliers. For example, in the sectors of electricity generation and distribution, and in particular renewal energy, levels of investment are high and many European countries exporting related equipment and services do well. Traditionally the UK has tended to lag behind much of the rest of Europe in areas such as sustainable construction products and renewable energy solutions of all types, including biomass generation and district heating. There are many other sectors that potentially offer opporttunites for Swedish companies.
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2. Starting a business or a subsidiary in the UK is easy and inexpensive
To encourage incoming investment the UK has a regulatory regime that makes it quite easy and straightforward for new private companies to be established and registered. It is much easier to do than, say, in Germany or France. The cost of setting up a company can be as little as a few hundred pounds, and as a director you do not need to be living in the UK. And with Brexit, we are certainly not going to make it any harder, thats for sure.”
3. Whatever the outcome of Brexit negotiations, it’s business as usual
”The UK market, with 65 million people, remains the second largest in Europe and currently has the highest growth rate of all EU countries. There has been no loss of confidence following the result of the Brexit referendum, either by consumers or businesses. The leading international consultancy PWC (PricewaterhouseCoopers), is projecting the UK will will remain the 10th largest economy in the world in 2030.
Whatever the politicians are saying, ultimately it’s in everybodys interest to find a good solution on EU trade – there’s just too much at stake for this not to happen.”
Facts about the UK
- 59% of UK imports come from the EU
- The key UK manufacturing sectors are food and drink, automotive and aerospace & defence
- The UK is Sweden’s 6th largest export market and 5th import market
- The biggest sectors in swedish exports to the UK in 2016 were automotives and transport equipment, machinery and equipment, paper products and pulp and chemicals and related products
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