Doing business in Great Britain is often viewed as a good choice, with the mature nation being deemed extremely business friendly for its accountable democracy and free market economy, which imposes few restrictions and no exchange controls. These positive traits have earned the county a ranking of 7th in the World Bank’s list of nations that are easy to do business in and 8th in the Index of Economic Freedom.
While there are many advantages to doing business in Great Britain, such as Corporate Tax Rates being set to be lowered to 17% in 2020, contracts and private property rights enjoying high security and UK economic growth remaining modest, expanding by an estimated 1.6% in 2019 (somewhat lagging behind that of other developed countries), there are also many uncertainties.
The realm of the unknown can make even the boldest professional take a cautious approach. Following Britain’s historical 2016 referendum to leave the EU, much ambiguity surrounds Britain’s future as the world waits to see how the nation will cope as it navigates Brexit negotiations and seeks to develop new partnerships outside its customary markets within the European Union.
What does remain certain and steadfast is British culture and values. Managers tend to boast a more generalised skillset as opposed to a specialism, with relevant hands-on experience being more prized than academic educational accomplishments. There is a strong theme among British professionals to be self-depreciating over self-promotional and humour is overwhelmingly utilised in most business situations, not because matters are not being taken seriously, but because it is viewed as a respected communication asset employed to maintain calmness in business exchanges. British professionals also favour a friendly atmosphere among teams and prioritise people’s feelings and diplomacy over direct and open confrontation.
The World Business Culture website contains key information and practical advice to help those doing business in Great Britain stay abreast of how the country reacts to a post-Brexit environment, so they are well-informed about the nation’s multifaceted social and economic environment.