By Afolabi Thomas
Over the years Britain has become a global hub of international business. Investors from as far as the east have expanded to the UK opening registered business sites, ranging from small-sized to large. The Office of National Statistics (ONS) analyzed data from 2013 to find out exactly how much does the foreign business help the UK. As of 2013, there were 22,500 businesses that were foreign owned.
With the capital housing around 18,000 sites, the UK holds a total of nearly 98,000 foreign-owned business sites. In 2013, 1.1% of registered businesses in the UK were foreign owned, but although a small number, they contributed 28.2% of gross value added. There was a substantial number of micro sized (0-9 employees) business in correlation to the smaller number of larger (250+ employees) businesses.
Count of foreign-owned businesses in the UK non-financial business economy, by employment sizeband (2009 and 2013)
The USA had the highest share of foreign ownership sites for all regions in the UK, accounting 32.5% value added in the UK non-financial business economy. Out of the total number of foreign businesses, 57.5% of these were European and 31.3% were owned from countries that are in the Eurozone.
The UK is one of the largest international business hubs in the world, with the captial housed to many cosmopolitan business men and women who contribute greatly to economy. But how do the british owned businesses tally up? That is a topic that should definitely be up for discussion.