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The United Kingdom: Out of the past and into the future

By Francis Pacheco
-    Jan 24, 2023
Credit : GMI Post

The US-UK alliance is unique in that it has endured two world wars, two global pandemics, and the uncertainty that recent geopolitical tensions have brought forth.

The UK has consistently promoted trade partnerships with the rest of the world over the last several years.

“One of the biggest opportunities is the United States. The U.S. is the world’s largest economy, our closest security and defense partner, and one of our oldest friends. We are the biggest investors in each other’s economies and natural economic partners,” said former Minister of Investment Lord Gerry Grimstone.

As the world eases out of the pandemic and its attendant supply chain disruptions, 2023 is looking to become a banner year for UK-US economic relations. Among the hallmarks of the oft-cited special relationship is the presence of American companies in the British Isles.

As of 2019, according to government figures, there were nearly 33,000 U.S.-owned businesses operating in the UK, which generated close to 1.5 million jobs.

As the birthplace of the Industrial Revolution, Britain has long been considered a global hub of innovation. More than a century after, the United Kingdom leads the way in a number of industries, such as advanced manufacturing, aerospace, defense, automotive, and IT.

The UK’s excellence in education and research has produced a highly skilled and educated workforce. Many of the world’s top universities, such as Oxford, Cambridge, and the University of Edinburgh, are located in the UK. In fact, 3 out of 10 jobs in American firms based in the UK come from high-skilled sectors, such as scientific, technical, IT activities, and finance.

On top of that, the UK is also a melting pot of different cultures and ethnicities. People from its former colonies and dominions have brought with unique perspectives and approaches to various challenges and opportunities.

According to Diversity UK, 13 out of every 100 people in the country have ethnic minority backgrounds, while in London, that ratio jumps to 4 out of every 10.

That combination of a robust economic base, excellent educational and research institutions, and diverse workforce spells bright future for the UK economy.

Article Tags: US, UK, Economy

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