Innovation and industrial strengths
While London has huge economic importance to the UK and is one of the world’s major financial centres, industrial specialisations are spread around the country – and the current government is keen to promote a more balanced approach through its “levelling up” agenda.
This involves developing the UK’s transport infrastructure and creating new innovation hubs based on universities and research centres. “There is a cluster of dynamic life sciences and pharma companies based around Oxford and Cambridge Universities, while the Midlands has become a hub for advanced manufacturing,” Melanie says. The UK is also positioning itself at the forefront of the green technology revolution, she adds, with significant levels of public and private sector investment and support for the likes of battery storage, electric vehicles and sustainability in industries such as agriculture and manufacturing.
Melanie adds that the capital markets in London are among the most advanced in the world, providing businesses of all types with access to finance at every stage of their growth journey. “The UK is a particularly attractive place for technology startups: we are behind only the US and China in terms of the unicorns [companies valued in excess of $1bn] we have created: at the moment we have an incredibly buoyant IPO market, which is attracting businesses from all over the world. “Furthermore,” she adds, “while the last few years have seen a decline in the value of sterling, the upside is that the UK has become a more competitive place to operate,” she adds. Being the leading venture capital market in Europe and the top location globally for cross border bank lending, the UK’s financial centre is one of the best in the world.
The UK has a range of incentives for innovative companies, ranging from research & development tax credits to loans and grants for groundbreaking ideas. Its workforce is highly educated, and the country attracts talent from across the globe through its strong education system.
It is this education system, alongside a high quality of life, and a world-famous cultural heritage, that gives the UK a huge amount of appeal for expats who are considering moving to the country for the medium- to long-term.