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Research: Where Next A New Economy, BDO 2017

Third party research collated in one place

· Research

Where Next A New Economy, by accounting and advisory firm BDO, offers a substantive and relatively new report with explicit recommendations to fuel MSBs:

"We are living in a time of unprecedented change. Brexit, emerging markets, technology and regulation are changing the fundamentals of the way we live and do business. But with great change there is also great opportunity. A ‘new economy’ is needed which can help the UK thrive post-Brexit by making the most of its mid-sized entrepreneurial businesses, by balancing growth by sector and by region and by ensuring open and simple access to world markets and global talent."

Foreword from Paul Eagland

Managing Partner, BDO UK LLP

The old adage that ‘nothing is permanent except change’ has never felt more apt than today. Think back five years. The pace of change is simply incredible.

Rapid developments in technology and regulation, the growth of populist politics, an uncertain relationship with the EU and opportunities for a whole raft of new trade deals across the globe means that many of the boundaries that once shaped the way organisations do business are changing or disappearing altogether.

At the same time, global high-profile scandals have left many people feeling alienated from – and frustrated with – governments and other big institutions. Globalisation has seen many winners but many losers too. Some have said the vote for Brexit was the first rebellion of a developed country against globalisation. Having been followed by similar electoral sentiment in the US elections, we can expect more surprising news to come in the years ahead.

All these changes pose some interesting questions. For example, how should businesses react in such uncertain times and how can policymakers create the right environment to help them to flourish? In simple terms, what should Britain’s post-Brexit economy look like? After all, change brings with it great risk but also great opportunities for those able to capitalise on them.

This report is BDO’s contribution to the debate. We believe that a ‘new economy’ is needed which is not over-reliant on any one sector or region but which makes the most of the UK’s talents, skills and entrepreneurial spirit.

It is an economy which, despite Brexit, is outward-looking and helps its homegrown businesses expand abroad. And it is an economy which puts the UK’s high-growth, entrepreneurially spirited, mid-sized businesses at the heart of its thinking; businesses which we feel are overlooked and undervalued by policymakers.

To create a truly sustainable and balanced ‘new economy’ which works for everyone, there are three pieces of the jigsaw that policymakers must fit together:

1. Encourage the UK’s fast-growth mid-sized businesses

2. Create sector and geographic powerhouses

3. Ensure open and simple access to world markets and global talent

But we don’t have all the answers. We want this report to kick-start a conversation. Over the next 18 months we will be talking to our people, industry groups, businesses, policymakers, economists and entrepreneurs to share their ideas and refine our thinking.

At the end of that period we will publish a final summary of the policies needed to help the UK succeed and mid-sized businesses thrive. You can read more of our thoughts and contribute to the debate at www.neweconomy.bdo.co.uk

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