100 Group Brexit Statement, 17 October 2019
At a time of rapid change for UK business, we welcome today’s announcement that progress has been made in agreeing with a Brexit deal with the EU, offering the potential opportunity to provide much-needed certainty and confidence in the UK economy for the UK business.
The 100 Group companies invest significantly in the fabric of the UK economy through job creation, capital investment, and stimulate innovation through R&D expenditure, which is vital for the UK economy to achieve longer-term improvements in productivity.
In 2018 we collectively contributed over £84bn in tax to the UK government and directly employed over two million UK based citizens, with many more jobs supported indirectly. We continue to invest in the UK economy with £10.3bn spent on research and development and £25.6bn on capital investment in 2018 (13.3% of total UK business investment) ensuring that the UK remains competitive and at the forefront of innovation.
The 100 Group represents the views of the Finance Directors of FTSE 100 and several large UK private companies. Our member companies represent around 90% of the market capitalisation of the FTSE 100.
The overarching objective of The 100 Group is to promote the competitiveness of the UK for UK businesses particularly in the areas of tax, reporting, pensions, regulation, capital markets and corporate governance for the benefit of its members, the UK economy and long term growth of the UK.
All figures quoted are as per The 100 Group’s 2018 Total Tax Contribution which can be found here. The 2019 report will be released on 27 November 2019.