New research from business and financial adviser Grant Thornton reveals that the UK economy could get a £479 billion boost by 2025 if all business opportunities are 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.
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 £8.9 billion.
Sacha Romanovitch, 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 where businesses and people can flourish.
"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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