I work in business attraction here in Missouri, USA, and as such am constantly paying attention to the latest news and developments in the world of economic development. I’m always running across what I consider fascinating bits of information and insights.
The latest that caught my eye however was actually from across the Pond in the United Kingdom. Yes, surprise, surprise, I’m paying attention to what is going on in my old stomping grounds. And since in the UK it is post-Brexit UK economic development news, I was really interested to dig in. As you probably know, there are a lot of people playing Chicken Little in relation to post-Brexit UK economics. The sky is falling, all is lost, London has fallen, etc, etc. I don’t buy it, never have. I’m inclined to believe the 5th largest economy in the world is going to do just fine outside the EU, and that most developed countries are pragmatists and want to engage in trade. But to each their own I suppose.
However, these latest tidbits of information seem to say the opposite to that of some of these proclaimers of pending doom.
The growth the UK has seen over the last four years continues, the deficit has been reduced, and jobs are being created. Unemployment in the UK is at 4.5 percent, 2016 GDP growth was 1.8 percent, and there have been numerous announcements of corporate investment in the UK in recent months.
Here’s just a few of them …
- Apple – New London HQ with 1,400 jobs
- Boeing – £20m investment in their first European factory, to be located in Sheffield
- CITIC & ABP – £320m investment in London. Full project will be £1.7B and 30,000 jobs.
- Computershare – Creating 300 jobs in Edinburgh
- Croda – £27m investment in Hull
- Dyson – Building a second tech campus in Wiltshire, and pledged £2.5 billion investment in future tech. Plans to hire 3,500 in next 5-6 years.
- Firth Ports – £1B investment at Tilbury docks in London
- Jaguar Land Rover – £500m expansion and 3,000 jobs in Coventry
- McLaren – £50m investment and 200 jobs in Sheffield due to reshoring
- Nissan – 7,000 jobs secured in Sunderland
- Novo Nordisk – Investing £115m over 10 years in a new science research center in Oxford
- Rolls Royce – £150m investment in the UK
- Sevcon – 200 new jobs in Gateshead
- Toyota – £240m investment in Derbyshire
- Vodafone – Creating 2,100 new jobs in the UK due to reshoring
Basically, in my opinion, the fundamentals of a post-Brexit UK economy are strong. While there will be a period of adjustment post-Brexit, the UK economy is showing itself to be resilient, and these recent announcements show faith in the UK economy by major international corporations who are looking for the best place globally to put their facilities and their jobs. These companies, as they look at a small island off the coast of Europe, are voting for the UK.
And from my perspective, that’s good news for people back in Britain who want to work and the British economy as it looks to grow and thrive.