Open for business? WPP survey downgrades UK

New research conducted by WPP reveals that the UK has been ranked as 27th worldwide for being ‘open to business’, down two places from the previous year.

The Brand UK report is an extension of the Best Countries rankings, which are produced by WPP in collaboration with U.S. News & World Report and the Wharton School of the University of Pennsylvania, USA. They rank 80 countries across a range of criteria, from economic influence to citizenship and quality of life.

The report also revealed that the UK is ranked 4th globally for its entrepreneurship behind Switzerland, Germany and Sweden, but is only ranked 20th among Europeans as the best place to live.

Meanwhile, 56% of British business leaders believe that the UK is moving in the right direction, but this is lower than the global average of 59%.

Two thirds of British business leaders also said that they have benefited from membership of the European Union and other global trade organisations.

“The findings of the UK Best Countries report paint a mixed picture for ‘Brand UK’, which remains relevant and well-regarded, but has also clearly felt the impact of Brexit,” said David Roth, who heads the Best Countries reports for WPP.

“Although Britain has a strong image globally in several areas including entrepreneurship, cultural influence and power, it will need to be vigilant about its brand appeal on the world stage as Brexit further influences internal and external dynamics.”