International Business Environment of United Kingdom Assignment
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Question 1: The MIR requires teams to gather current, or the most recently available, data on the market's people, economy, government, and technological status from online sources
Solution: Introduction
The international business environment is, considered a multidimensional that encompasses the taxation issues, legal, exchange risks, cultural differences and political risks (Cavusgilet al., 2014). Overall, it includes technological environments, legal environments, social and cultural environment, tax environment, regulatory environment, economic environment and political environment.
Body
General information of the United Kingdom -
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Population
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66.1 million
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GDP (PPP)
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$ 44,118 per capita income
2.2% 5 year compound annual growth
1.8% growth
$2.9 trillion
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Unemployment
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4.3%
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Inflation (Consumer Price Index)
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2.7%
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Foreign Direct Investment Inflow
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$15.1 billion
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Regional Ranking
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78.9 (Overall)
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Main Industries
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Pharmaceutical, Motors, Aerospace industries
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Income Tax
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45%
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Corporate Tax Rate
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20%
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Average Tariff Rate
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2.0%
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Combined Value of Imports and Exports
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62.5%
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Global Competitive Report Rank
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8th out of 137 nations
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Tax Burden
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Equivalent to the overall domestic income
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Economic Freedom Score of the United Kingdom
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78.9
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Table: General information of the United Kingdom
Source: Created by the Learner
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The nation is the leading financial and trading centre (Shenkaret al., 2014). The long term political, regulatory strength, economic, along with affordable rates of inflation and taxation are the main events, which have made the nation attractive to foreign investors. The World Bank supports the multilateral contribution to enhance economic and human development, decrease poverty in and around the globe (Hamilton and Webster, 2018).
Open Markets of the United Kingdom
The combined value of the imports and exports is equivalent to 62.5% of the nation's GDP. The tariff rate is 2.0%. A well-structured financial market of the nation's supports the most effective environment of the country. The product-specific regulations have benefitted the quality product market of the nation (Welford, 2016).
Economic Environment of the United Kingdom
The economic freedom score of the UnitedKingdom is 78.9 in 2019 index. The government spending, judicial effectiveness and efficiency and government integrity has fostered the economic growth of the nation (Glavas and Matthews, 2014). The nation has ranked 3rd among the 44 nations in the European region. The liberal labour structure of the UK can be, made more flexible after the Brexit proposal. The nation has the most efficient investment and business environment that can positively affect global trade and industrial relationships (Hall and Roelich, 2016).
Political Environment of the United Kingdom
The personal income tax of the nation is 45%. The corporate rate of the nation is 20%. The other tax that the nation has been, environment tax, and value-added tax. The spending of the government has resulted in 41.6% of the nation's output (Gross National Output) (Storey, 2016). The deficit related to the budget is 3.2% of the nation's Gross National Output. The Public Debt is equal to 87.0% of the nation's GDP.
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Regulatory Environmentof the United Kingdom
The regulatory environment of the nation's clear as crystal an individual can start its business in one week. The workforce market of the nation is comparatively efficient than compared to other countries. The political government controls and maintains less price regulatory measures. The partial regulatory measure related to prescription drugs is going to alter the existing agricultural subsidies after the Brexit proposal (Wetherly, 2014).
Legal Environment of the United Kingdom
Contracts and private property rights are, considered very protective in the nation. The court system is proactive and is, regarded independent (Stavinset al., 2014).
Technological Environment of the United Kingdom
The technological strengths of the nation are sensors, semiconductor design, cyber, artificial intelligence, cloud services, data centres, pharmaceutical industries, motor industries, aerospace industries, data analytics, communications, electronic systems and data management (Falkner, 2017).
Conclusion
The business environment of the United Kingdom is very productive and financiallystable to boost economic growth. The nation has 30 chief technological clusters all over the United Kingdom that make it the potential venture capital hub. The heart of the nation is the financial and the industries involved in generating profits every year.
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