Almost two thirds of business leaders in the South West believe Brexit has strengthened the appeal of British products and services, a study has found.
Around 55 senior decision makers at firms in the region with an annual turnover of between £50m and £500m took part in the survey. Of those who took part 63% said they thought the impact of the UK’s exit from the EU had boosted “brand Britain” in international markets, while only 7% said they thought it had not, according to audit, tax and advisory firm Grant Thornton.
A spokesperson for Grant Thornton told BusinessLive its survey did not ask any other Brexit-related questions, meaning the firm was unable to provide specific reasons explaining respondents’ answers.
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The research also found almost four out of five South West business leaders who were surveyed (79%) said that the nation’s reputation was helpful to British firms when trading abroad.
Grant Thornton said this confidence was “markedly higher” in the South West compared to the national average of 66%. The company added that almost three quarters of business leaders it spoke to in the region believe the South West has “an effective and consistent strategy” to attract global investments.
In the survey, 86% of respondents in the South West said they were planning to invest either more or the same in international growth over the next six months. International growth ranked as the joint third highest investment priority for South West companies, following employee reward and benefits, and research and development.
The results of the survey also suggested that almost three quarters of South West business leaders thought hosting large events, such as this week’s Eurovision Song Contest, had helped give the nation a strong brand globally.
Jonathan Riley, practice leader for Grant Thornton UK LLP in the South West, said: “The appeal of 'brand Britain' has always been strong and it’s great to see that South West business leaders recognise it as a strong card they can play to achieve international growth. While not taking place in our region, events like Eurovision really help draw attention to the UK and provide an opportunity to showcase the nation’s capabilities on a global stage.
“In addition to the national branding bonus, there’s a lot of compelling reasons to look overseas for opportunities. Britain’s underwhelming economic forecasts means foreign markets look extra appealing, and companies can enjoy support from trade associations, local Chambers of Trade and the government. Looking further forward, developments such as the Windsor framework and potential new trade deals makes exporting even more appealing.”
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