UK jumps into the top three countries for growth, bosses say

Bloomberg

The UK has become the third-most important country in the world for chief executives trying to expand their businesses, according to a prominent survey, the first time it has broken into the top three.
The 26th annual poll of business leaders conducted by PricewaterhouseCoopers LLP found that the UK was behind only the US and China, and equal with Germany, having never previously ranked higher than fourth. It cited the UK’s strengths in technological sectors and underlying business-friendly conditions.
This was despite the survey — published Monday to mark the start of the World Economic Forum in Davos — being conducted in October and November, shortly after the pound and UK gilts had been hammered by investors following a botched budget from Kwasi Kwarteng, chancellor of the Exchequer at the time. PWC said 18% of chief executives said the UK was important to revenue growth, double the 9% proportion who said the same in 2020.
“CEOs don’t expand and invest on a whim — they’re choosing the UK as that’s where they expect to see returns,” said Kevin Ellis, PWC’s chairman and senior partner in the UK.
“That choice will be based on sector strengths in areas like AI and biotech, alongside our people-first, business-friendly environment.” British bosses are also more confident than average for their companies’ revenue prospects. Nearly half, 48%, said they were very or extremely confident about sales prospects for the next year, compared to 42% of global chief executives.

Brexit rules cost Britain 330,000 workers
Brexit immigration curbs have led to a shortfall of 330,000 workers in the UK, contributing to a tighter labor market and fueling inflation, a report showed.
Low-skilled sectors including retail and hospitality have been hit hardest by the end of freedom of movement following the UK’s departure from the European Union, an analysis by the Centre for European Reform found. The figures are the latest to show the costs of Brexit to the UK economy. While Prime Minister Rishi Sunak’s Conservative government pushed for exiting the EU, it’s now struggling to contain the economic fallout of the decision.
The UK government vowed to clampdown on the supply of cheap labor from Europe when it introduced a new post-Brexit immigration system.