Facts about The United Kingdom

THE UK AS A COMPANY MANAGEMENT LOCATION

The United Kingdom is one of the most favoured company management locations within Europe; primarily because of its pro-business stance, lack of bureaucracy, low corporate taxes, domicile and residence rules favouring foreign permanent residents plus of course the fact that London is the main business and financial centre for the whole Continent. In addition, although the United Kingdom can provide many of the advantages of a tax haven, both personally and at a corporate level, its extensive double taxation treaty network further creates a strong protection against the anti-avoidance provisions of other countries in a way that no tax haven could dream of! For those individuals wiling to relocate to the UK, the SCF Group can also arrange your personal affairs in such a way that you need only pay UK taxes on remitted income or, if you can live off your existing assets, no UK tax at all and yet fully benefiting from UK tax treaty protection. For more information please contact a SCF Consultant today.

COUNTRY FACTS

Location: France lies across the English Channel to the south; the Republic of Ireland across the Irish Sea to the west; Belgium, the Netherlands, Germany, Denmark and Norway across the North Sea to the east. Most of the United Kingdom is flat or rolling lowland. Landmass, 86,495 sq. miles or 228,346.8 sq. kilometres  (includes England, Scotland and Wales). Approximately the size of the 'old' West Germany

 

Population: The combined population of the three mainland countries of the United Kingdom (England, Scotland, Wales and Northern Ireland) is 61,900.000

 

Development: In the mid to late Eighteenth century, the British began the Industrial Revolution and made the United Kingdom the world's richest manufacturing country. The British ruled the seas and were the world's greatest traders. By 1900, although significantly threatened by the growing economic might of Germany and the United States; the UK had an empire that covered about a fourth of the world's landmass. London was the centre of the world's banking and insurance industries, together with being the greatest port in the United Kingdom. However, as a result of the two world wars, the break-up of the Empire and the inevitable realisation of the latent potential of countries such as Germany and Japan, the United Kingdom went into rapid decline. Today, the economic position of the country has stabilized and in fact is showing many positive signs, including low inflation, relatively strong economic growth and a rapidly expanding tourist industry. However, the ability of Britain to play a major role as an industrial power is severely limited by the fact that most of the great manufacturing companies are now in foreign hands/control, including Jaguar, now owned by Ford of America, and the Rover Group, now owned by BMW of Germany. Britain no longer has any significant indigenous producers of televisions, computer hardware or motorcycles but is still a world leader in aerospace, armaments and pharmaceuticals. In the next century, the country is expected to remain a significant economic power possibly on a level with Italy and India.

 

Capital city: London, population approximately 7,200,000. Europe's principal banking and insurance centre. The wealthiest city in the United Kingdom with more resident millionaires than Paris, Berlin and Rome combined. It is also the home to more multi-national companies than any other city in the world bar New York. World famous for it's architecture, culture and theatres. The greatest threat to London as a financial centre is the growing influence of Frankfurt, combined with the continuing decline of the UK as a major manufacturing power something that has not happened to Germany or the other great European

 

Currency: The British Pound. At the time of writing, the exchange rate was UK£1.00 = €1.18 or US$1.62. Unlike the other three major western European powers, Germany, France and Italy, the United Kingdom is not a member of the Euro Zone

 

Education level: Britain has some of the world's most prestigious and accomplished centres of learning, including Oxford and Cambridge universities, the Inns of Court and many of the world's leading schools including Eton and Harrow. However, despite such excellence, the country's state school system, which educates 95% of the population, has been in turmoil since the 1960's when comprehensive schools were introduced. In fact, the general level of education in Britain is now the same as the least developed EU countries, Portugal and Greece, and considerably below that of it's traditional peer group, Germany and France. Both major political parties recognise that state education must now be deemed a priority if future prosperity is to be ensured

 

Language: The principal language throughout the United Kingdom is English, although native Gaelic languages are still spoken in the remoter parts of Scotland, Wales and in the English county of Cornwall. English is the world's most widely used language and certainly the dominant language in international commerce

 

Legal system: England & Wales (considered one jurisdiction for legal purposes) and Northern Ireland are established common law jurisdictions. However, the Scottish system is quite separate and greatly influenced by 'Continental' civil law. Common law is one of the world's most important legal systems and is employed by all the major English speaking countries, including the United States, Canada, Australia, Ireland and New Zealand

 

Trade Bloc' membership: The United Kingdom joined the European Union in 1973, with the Republic of Ireland and Denmark. It is one of the four major EU countries, but has not been able to exercise it's full potential because of the Franco-German Axis and pro-American foreign policies

 

Exchange controls: None