UNITED KINGDOM

Our guide to

Services, particularly banking, insurance, and business services, are key drivers of British GDP growth, with the capital, London, a globally influential centre of finance and culture. The UK is classified as a high income nation by the World Bank and is the 6^th largest economy in the world.

Recent Macro

GDP contracted -9.9% in 2020, due to the Coronavirus pandemic, but 2021 is forecast to see a recovery of 4% growth
UK ranked 8^th in the World Bank’s Ease of Doing Business Index
The Gross Domestic Product per capita in UK was last recorded at US$ 42,330 in 2019
GDP per capita in UK averaged US$ 20,151 from 1960 until 2019 (source: World Bank)

Key Info

Currency

Currency of UK is the Great British Pound (GBP)

Climate

Not all parts of the UK have the same climate. London, in the south-east of the UK, is a region characterised by a warm and dry climate in the summer and a cold and dry climate in the winter
South-east – cold winters, warm and dry summers
South-west – mild and very wet winters, warm and wet summers
North-west – mild winter, cool summers and heavy rain all year

North-east – cold winter, cool summers and steady rain all year

Tax

Non-residents only pay tax on their UK Income

Stamp duty is tiered depending on property price

Hospitality

Travel & Tourism in UK rose by 1% in 2019 to an industry revenue of £ 28.4bn. This fell in 2020 to £ 5.7bn, due to Coronavirus, but is expected to rise quickly in 2021 following a successful vaccination roll out and an adoption of staycation
44% of Brits said they are keen to take a leisure trip domestically in the next 12 months
71% are intending to plan a UK holiday in the summer of 2021 and into 2022, suggesting that the Great British staycation is not just a short-term solution to the coronavirus pandemic

Silverstone

1.2 million people visited the circuit each year
Silverstone is a 90-minute drive from Central London and sits in the centre of ‘Motorsport Valley’. The area is surrounded by the beautiful rolling countryside of both South Northamptonshire and North Buckinghamshire
It is often ranked as one of the most desirable areas to live in the UK and is recognised for the open spaces, ancient woodlands, peaceful canals and quiet lanes that provide fantastic opportunities for sports and recreation
Beyond the many track-related events; independent events, product and press launches, film opportunities, dinners, conferences and seminars are being held almost daily throughout the year

Considered the Home of British Motor Racing, 7 of the 10 Formula One teams are located within an hour of the track