In fact, nearly three-quarters of 18-34-year-olds said that Britain was a very or somewhat attractive target for foreign business expansion, compared with just half of 45 to 54-year-olds and less than half of over 55s. Overall, 56% of survey respondents saw the UK as a good location for foreign businesses that are looking to expand abroad. 

The research, conducted by market research firm OnePoll with 2,000 nationally representative respondents, aims to spotlight public attitudes in the UK about Britain as a destination to which foreign businesses could expand. The findings have been included in a new report exploring the UK’s competitiveness in attracting globally expanding SMEs, or ‘interpreneurs’. The report has been developed jointly by several Kreston Global UK member firms, including Kreston Reeves, Duncan & Toplis and James Cowper Kreston. 

As well as asking about the attractiveness of the UK as a business expansion destination, the survey also sought to assess comparative perceptions amongst the UK public of the levels of bureaucracy required to establish a business and what the UK should do to increase its attractiveness to foreign businesses looking to expand.

In terms of bureaucracy, the largest proportion of respondents (38%) said they felt that UK wasn’t any worse than other developed economies when it came to so-called ‘red tape’, and one in 10 actually believe that levels of bureaucracy were in fact lower than most other countries. However, a sizeable minority (30%) believed that there was more ‘red tape’ required.  

More than a quarter of respondents (27%) believed that ensuring a stable and growing economy was the most important factor in making the UK an even more attractive destination for foreign businesses. The results indicated that this was somewhat more important than having a favourable tax environment (19%), strong trade links to the rest of the world (17%), or an appropriately skilled and available workforce (16%). 

According to Kreston Global’s 2024 Interpreneur Report, the UK ranks alongside its Western European neighbours as a generally favourable destination on the international stage as a destination for business expansion. More specifically, some 52% of business leaders in 14 different countries who took part in the survey for that report agreed that the region was the most attractive.  

Liza Robbins, Chief Executive at Kreston Global, said, “Like all countries, the UK wants to be seen as an attractive place to do business. In recent years, this has been made harder by a variety of factors, but encouraging foreign investment has been high on the agenda for successive governments. In service of this effort, attempts have been made to make the UK more attractive by cutting red tape or seeking to present it as a stable economy with a highly skilled workforce, not to mention a proactive approach when it comes to technology and innovation.

“Clearly, some optimism is on show here, particularly from the younger generations. This in itself is perhaps a curious result, considering previous research which indicated a less rosy outlook amongst younger Britons on things like UK politics and the economy. However, the positivity which we’ve spotlighted when it comes to the attractiveness of the UK as a destination for foreign businesses is a welcome development and should not be overlooked.

“To capitalise on this, the Government must stick to its agenda of making the UK as attractive to international business as possible. Now that the legislative and economic agenda of the current government has been set out, time will tell whether foreign business leaders will increasingly look to the UK as a viable option for their expansions.”  

If you would like personalised advice on any of the topics covered in this article, please get in touch with
Andrew Griggs, Senior Partner and Head of International:

Call: +44 (0)33 0124 1399
Email: enquiries@krestonreeves.com
Visit: www.krestonreeves.com