United Kingdom business travel information

Doing business in the United Kingdom

The economy of the United Kingdom is made up of the economies of England, Scotland, Wales and Northern Ireland. Based on market exchange rates, the United Kingdom is today the sixth largest economy in the world and the third largest in Europe after Germany and France.

At the end of the 18th century, the Industrial Revolution started in the United Kingdom with an initial focus on heavy industries such as shipbuilding, coal mining, steel production, and textiles. The royal empire created an overseas market for British products, allowing the United Kingdom to dominate international trade in that 19th century. However, as other nations industrialised, coupled with economic decline after two world wars, the United Kingdom began to lose its competitive advantage and heavy industry declined, by degrees, throughout the 20th century. Manufacturing remains a significant part of the economy, but accounted for only one-sixth of national output in 2003.

The British motor industry is a significant part of this sector, although it has weakened with the collapse of the MG Rover Group and most of the car industry is nowadays foreign owned. Civil and defence aircraft production is led by the second largest defence contractor in the world, BAE Systems, and the continental European firm EADS, the owner of Airbus. Rolls-Royce holds a major share of the global aerospace engines market. The chemical and pharmaceutical industry is strong in the United Kingdom, with the world’s second and sixth largest pharmaceutical firms being based in the United Kingdom.

The service sector of the United Kingdom, nevertheless, has grown substantially, and now makes up about 73% of GDP. The service sector is dominated by financial services, especially in banking and insurance. London is the world’s largest financial centre with the London Stock Exchange, the London International Financial Futures and Options Exchange, and the Lloyd’s of London insurance market all based in the City of London. London is a major centre for international business and commerce and is the leader of the three "command centres" for the global economy,along with New York City and Tokyo. It has the largest concentration of foreign bank branches in the world. In the past decade, a rival financial centre in London has grown in the Docklands area, with the HSBC, the world’s largest bank, and Barclays Bank relocating their head offices there.

Many multinational companies that are not primarily based in the United Kingdom have chosen to site their European or rest-of-world headquarters in London: an example is the US financial services firm Citigroup. The Scottish capital, Edinburgh, has one of the large financial centres of Europe and is the headquarters of the Royal Bank of Scotland Group, one of the world’s largest banks.

Tourism is very important to the British economy. With over 27 million tourists arriving in 2004, the United Kingdom is ranked as the sixth major tourist destination in the world. London, by a considerable margin, is the most visited city in the world with 15,6 million visitors in 2006, ahead of 2nd placed Bangkok (10,4 million visitors) and 3rd placed Paris (9,7 million).

The Uited Kingdom has a small coal reserve along with highly important, yet continuously declining natural gas and oil reserves. Over 400 million tonnes of proven coal reserves have been identified in the United Kingdom. In 2004, the total coal consumption in the United Kingdom, including imports was 61 million tonnes, allowing the United Kingdom to be self sufficient in coal for just over 6,5 years, although at present extraction rates it would take 20 years to mine.

Some facts in a list:

Product tip: There are also nice looking laptop bags on the market! A laptop bag doesn’t have to be a dull conservative black bag. There are lot’s of great looking bags on the market these days. Special laptop bags with the protection that is needed for your laptop but also with nice designs in models and materials.

In case of emergencies

Before you go on your business trip to , The United Kingdom you should always get a travel insurance with a complete coverage.

Make sure your health care insurance is sufficiently covered.
Maybe this is already covered in your regular health care insurance but often you will need to cover this with the travel insurance. Also a good travel insurance should cover the costs of travel for a relative in case of seriously illness or an accident.

The business trip travel insurance should also cover the costs of search, rescue and repatriation.
When you go on business trips on a regular basis, the easiest way to get insured is with an annual multi-trip insurance.

Keep in mind that you can also use this insurance for your pleasure trips so don`t forget to include to insure your leisure activities.

For emergencies you can call 999 or 112.

In 2006 101 was made available in some areas as a non-emergency number for police and local authorities in several areas in England and Wales.

Business Etiquette and Protocol

If your are planning a business trip to The United Kingdom it is a good idea to know at least a little about the culture and etiquette in The United Kingdom. Use these business etiquette tips as a guideline only. There are too many social, personal and business nuances in The United Kingdom to be considered. There is no uniform approach possible for all occasions.
For more in-depth information I suggest you buy and read the "Global Business Etiquettes" book.

• Communication:
  Use formal names, professional and academic titles. Many older people or people from the ’upper class’ value formalities.
  The British are direct with modesty, do not confuse this with rudeness.
  Never interrupt somebody.
  Dress formal and conservative.
  



• Meetings and negotiations:
  When making appointments use the 24-hour clock time format to avoid misunderstandings.
  Be very punctual, if you suspect you will late, call and explain the situation.
  Never cancel a meeting at the last minute.
  Shake hands with everyone upon arriving at the meeting and leaving.
  Remain standing until invited to sit down or others do so.
  Some time is spent to getting to know you before the business conversation begins.
  Agenda’s are strictly followed.
  Keep your presentation as short as possible, to the point, accurate and precise, do not exaggerate.
  Follow up a meeting with a letter or an e-mail with all agreements outlined. Keep the style formal.
  


• Table manners:
  If unsure on how to behave, mimic the behavior of others.
  Wait until you are appointed a seat.
  Avoid alcohol if possible, otherwise drink little.
  If making a toast, stand up.
  Put a napkin on your lap, eat not too much but finish your plate.
  Keep your hands above the table when eating.
  After finishing your plate lay your knife and fork parallel on your plate with the handles to the right.
  Thank your host at the end of the meal.