UK stands ready for change

14 Aug 2017

The recent Global Change Readiness Index ranks the UK 10th in an index of the nations most ready for political and economic change up three places since 2015.

The UK scored higher in entrepreneurship and technology (second place for both), as well as economic openness (in fifth place). Scores for business environment, financial sector and the regulatory environment positioned the UK in sixth place.

However, while the report indicates that the UK is ready to embrace Brexit, recent research from the ICAEW found that only 43 per cent of British businesses have started considering the risks presented by Brexit.

What’s more, less than a third (29 per cent) of businesses have made plans for exiting the EU despite the clock ticking and the negotiations having already begun.

“As the UK gets to grips with Brexit, some business leaders have become deeply pessimistic, seeing only the potential jeopardy and upheaval that lies ahead,” says a spokesperson for the report.

"Of course, the risks of Brexit are manifold and very, very real. Indeed many require attention with the greatest sense of urgency. But this study offers a more rounded perspective. It reminds us not to lose sight of the UK’s potent global strengths.

"Our country's spirit of entrepreneurialism, mastery of technology and renowned business environment all point to a long-term, collective ability to rebuild our economy after Brexit," says a spokesperson for the report.

According to the index, which looks at 30 indicators across 136 different countries, including their economic, political, societal and environmental condition, the UK came behind countries including Germany and Singapore, but ahead of the US, Canada and France.

For information about how we can assist by putting processes in place to lessen the impact of Brexit on your business, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.