The United Kingdom has become the third-most important country in the world for chief executives trying to expand their businesses according to a prominent survey by PricewaterhouseCoopers LLP (PwC).
It’s the first time the UK has made the top three in the survey, which has been conducted for 26 consecutive years and was released this week to mark the start of the World Economic Forum in Davos.
PwC conducted 4,410 interviews with CEOs in 105 countries in October and November 2022. 23% of companies had revenues of $1 billion or more; 33% of companies had revenues between $100 million and $1 billion; 38% of companies had revenues of up to $100 million; 69% of companies were privately owned.
The 26th annual poll of business leaders found that the UK was ranked behind only the US and China, and equal with Germany. It cited the UK’s strengths in technological sectors and underlying business-friendly conditions.
This is despite the survey being conducted in October and November, shortly after the markets were spooked by Kwasi Kwarteng and Former PM Liz Truss’s mini budget.
PwC found that 18 per cent of the chief executive officers (CEOs) surveyed said the UK was important to revenue growth. This was double the proportion who said this in 2020.
Kevin Ellis, PwC’s chairman and senior partner in the UK said:
“CEOs don’t expand and invest on a whim – they’re choosing the UK as that’s where they expect to see returns
“That choice will be based on sector strengths in areas like artificial intelligence and biotech, alongside our people-first, business-friendly environment.”
British bosses were also more confident than average for their companies’ revenue prospects. Nearly half – 48 per cent – said they were very or extremely confident about sales prospects for the next year, compared to 42 per cent of global CEOs.
Download the report at pwc.co.uk/ceo-survey