New Grant Thornton Vibrant Economy research reveals UK’s opportunity for businesses, cities and communities to realise their potential.
Leading business and financial adviser, Grant Thornton UK LLP, released research that highlights the unlocked potential and current state-of-play of the UK economy, this week.
It shows that the UK GVA could be boosted by £479billion by 2025 if GVA per worker in every region matched the G7 average (excluding the UK itself), with the exception of London. It is estimated the South East could contribute an estimated £26billion to this figure.
The research highlights both the challenges and opportunities faced by the Chancellor as he finalises his March Budget plans.
The study reveals that increasing exports by 17% to 45% of GDP, the level achieved by Germany, would lead to an additional £84bn of economic output being unlocked. Despite this opportunity for growth, Grant Thornton’s research reveals that less than half of UK businesses currently identify international markets as a potential profit booster. However, the South East has the greatest share of the UK goods exports, at 14%. This is followed by London, at 12%, and the West Midlands, at 10%.