UK Futures is our strategic campaign to help address the ongoing challenges facing the UK economy through a strategic discussion on the role for business in wealth creation.
To date, the growth debate has focussed on supply side measures, but UK Futures looks beyond government stimulus and consumer spending which are now largely depleted as sources of growth in the UK economy. We therefore argue that business must leverage its capabilities and resources to lead a new era of wealth creation.
In the first phase of the campaign, we have identified three future Growth Engines to kick-start the process of driving future wealth creation in the UK economy:
As part of the research underpinning this report, we have identified 1,000 British businesses – the UKF100 – with turnover between £30m and £1bn, which generated a staggering 55% growth in revenues in the past three years, accounting for 7.8% of GDP last year, underlining what the corporate sector can achieve. If these businesses grew at the same rate over the next three years, they would generate an extra £61.3bn of revenues by 2014, equivalent to 4.3% of GDP.
The UKF1000 have created nearly 170,000 jobs since 2008 – the equivalent of the population of Swansea – during a period when overall UK employment fell by 1.3%. To put this into perspective, if this same rate of employment growth was achieved across the UK private sector it would eliminate UK unemployment in a single year.
The UKF1000 illustrate the growth opportunities outlined in UK Futures and give a glimpse into the way that the UK economy may be rebalancing. Over the coming months the phase 2 of our strategic campaign would conduct detailed research with these companies to identify their opportunities and challenges, articulate the core drivers that would enable British businesses of all sizes to succeed in the new decade and propose a medium to long term wealth creation roadmap for the business sector as a whole.
If you would like to discuss the key observations we are making on the data and the UK results in some more detail, please contact us