More than half (52%) of UK businesses are optimistic about the future economic relationship between the UK and the US, according to a HSBC UK survey.
The survey of more than 1,000 decision-makers in medium and large businesses reveals just 16% were pessimistic, with 26% neither one nor the other.
The survey included 381 London-based business leaders who mirrored the national view with 63% optimistic about the UK-US economic relationship and only 14% pessimistic about it, while 20% were undecided.
Continuing the optimism, almost a quarter (24%) of London businesses said there was nothing whatsoever stopping them from growing in the US. Plus, almost a third (29%) said that while they were not currently doing business with the US, they would consider doing so in the future.
When asked how further business with the US could be encouraged, London respondents pointed to a new trade agreement between the UK and US (43%) and improving the exchange rate (40%).
Simon Addis, Deputy Head of London Corporate Banking for HSBC UK, said: “Business partnerships between the UK and the US remain strong. London businesses view the US as an attractive growth market because of its stable economy, transparent regulatory environment and cultural similarities.
“International growth enables companies to diversify their business, with many viewing expansion into new markets as a quicker way to drive growth, rather than new product development. In the first half of this year, HSBC UK received more new client referrals from HSBC US than any other HSBC market globally.”
Case study: Ethixbase360
Ethixbase360 offers its clients a third-party risk management platform designed to help identify, assess, mitigate and report on third party risks associated with their value-chain. These risks areas include third-party anti-bribery & corruption, modern slavery, and ESG (Environmental, Social, and Governance) risks.
Founded in 2011, it opened its London HQ in 2018.
In 2021, Ethixbase360 opened its US operation, keen to seize opportunities in a market with extensive regulations.
Ethixbase360 acquired Tcompliance the following year – now around 50% of the company’s revenues come from the US.
Ethixbase360 CEO, Peter Sweetbaum, said, “Acquiring a company already well-established and respected in the US market was the right avenue for our expansion.
“The US has a unique regulatory environment and the existing presence of the brand provided our clients with comfort, as well as giving us credibility from the start.
“Since then we have gone from strength to strength in the US market, with our US operations now accounting for around half our overall revenue.”