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Here's what nobody ever bothers to properly explain about foreign companies in the UK...
There are just over 26,000 of them, compared to over 2.4 million UK businesses.
So that's insignificant, right?
There are just over 26,000 of them, compared to over 2.4 million UK businesses.
So that's insignificant, right?
But hold your horses...
6,287 UK businesses employ over 250 people. But 2,339 foreign businesses do too!
Yes, that's right. There are a small number of foreign firms, but they're massive companies.
6,287 UK businesses employ over 250 people. But 2,339 foreign businesses do too!
Yes, that's right. There are a small number of foreign firms, but they're massive companies.
But maybe those foreign companies are just employing a lot of cheap labour but not achieving much?
Well, no. There are more foreign companies with a turnover of over £250 million than UK companies.
That's right. That 1% of foreign firms contains many bigger than UK ones.
Well, no. There are more foreign companies with a turnover of over £250 million than UK companies.
That's right. That 1% of foreign firms contains many bigger than UK ones.
So why does it matter? Because if those 26,000-odd firms pick up their toys and go home after Brexit because the business environment, tariffs and non-tariff barriers etc. are prohibitive, we're not losing 1% of our economy. We're losing whacking great huge chunks of it!
And that's why, when the Japanese Government says "Brexit will be extremely harmful to the 1,000 Japanese companies in the UK" you shouldn't go "1,000? Pah! There are more businesses on the highstreet in my city" because those 1,000 Japanese firms represent a mad amount of money.
(NOTE: you can find the original data in spreadsheet form at the link below)
ons.gov.uk/file?uri=/busi…
ons.gov.uk/file?uri=/busi…
