The strong environment for business and the higher education sector are the two areas which Britain must prioritise after Brexit to retain its competitiveness globally, according to a new report.
The UK must act pre-emptively to ensure it retains its competitive advantages, according to analysis published today comparing the economy to rivals conducted by consultancy Eight Advisory.
Strengths on which the government should focus include the openness of the economy, the ease of doing business, and the capacity to attract talent, the report says.
The university system is another area in which the UK retains a significant competitive advantage, with eight of the top 100 universities in the world, according to academic rankings by Shanghai Ranking.
A reduction in funding for the UK’s universities could “undermine product development and innovation and slow down the pipeline of new products, services and companies coming to market”, the report’s authors say.
Alexis Karklins-Marchay, a partner at Eight Advisory and author of the report said: “It is imperative that the UK builds on its strengths to send a message to the rest of the world that doing business with the UK will not be disrupted simply because it will no longer part of the EU.”
“All legitimate businesses must be made to feel welcome and to trade with the UK. The UK must now live up to and embody its ancient reputation as a great and United Kingdom.”