New research from business adviser Grant Thornton has revealed the UK economy could be boosted by as much as £479 billion by 2025 if all business opportunities were fully exploited.
To do this, the UK would need to increase the gross value added (GVA) of every worker in every region of the country to match the G7 average (excluding the UK). However, this excludes London workers as their GVA already outstrips the G7 average.
For example, the study reveals that by increasing exports from its current rate of 17% of GDP to match that of Germany at 45% would add £84 billion to the UK economy. However, less than half of British companies have identified international markets as potential sources of profit, according to the research.
In addition to this export problem, a skills shortage is blamed for holding back UK companies. Filling all the vacancies would boost the UK economy by a further £8.9bn.
Sacha Romanovitch, the chief executive of Grant Thornton UK LLP:
"We believe that addressing some of the UK’s fundamental social and economic challenges collaboratively can create vibrant cities and communities across the UK, where businesses and people can flourish.
"Grant Thornton is beginning an 18 month long, nationwide inquiry into what it will take to build a vibrant economy.
"We want to use the combined knowledge of our company, our clients and our networks to bring people and organisations together to develop the ideas and partnerships on which a vibrant economy will be built."
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