This month, as you know, I am looking at finance and how it affects various facets of our lives. Today, we look at how a new study from Barclaycard, which processes nearly half of the nation’s credit and debit card transactions, illustrates how our access to imports and public transport infrastructure could potentially affect our finances and hinder U.K. business growth.
Businesses that are scaling up are a key contributor to the country’s economic success. According to the ScaleUp Institute, a pool of fewer than 37,000 scale-ups currently contribute more than £1.3 trillion to the U.K. economy. To put this in context, the combined annual turnover of the U.K.’s 5.7 million SMEs is £1.9 trillion. As usual, with new analysis comes opportunities, challenges and learnings for businesses to heed for the benefit of the wider economic landscape.
With the majority of business leaders believing that they should trade overseas to secure growth, it is no wonder that this new analysis demonstrating the importance of access to imports and good public transport infrastructure is a cause for concern.
The study, carried out by the Centre for Economics and Business Research (Cebr), found that a one percentage point increase in public transport use would result in 1,400 more businesses being able to scale over a 12-month period. A good public transport system means scale-ups can access talent based further away from their company’s offices, and with Wi-Fi increasingly available on public transport, this commuting time can be used productively.
To read the full article please click the following link: https://www.forbes.com/sites/biancamillercole/2019/06/24/2-issues-affecting-your-businesses-profitability-barriers-to-imports-and-poor-public-transport/#78c210cd7007