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1 Growing Beyond Entrepreneurs speak out A call to action for G20 governments The Nice Côte d Azur 2011 Entrepreneurship Barometer Produced for the G20 Young Entrepreneur Summit, October 2011 Country digest Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Africa South Korea Turkey United States European Union

2 The perception barometer This study focuses on the entrepreneurship environment of G20 countries through the lens of five fundamental enablers: entrepreneurship culture; education and training; access to funding; regulation and taxation; and coordinated support. Through these enablers, we explore the climate for entrepreneurs in the G20 countries and the likely direction things will take. Our original approach is based on: Quantitative economic indicators The opinions of entrepreneurs on the progress and impact of specific enablers Our perception barometer sums up progress as evaluated by more than 1,000 entrepreneurs during the last five years, using four score ranges. Weighted score: lower quartile Deteriorated Tendency + ++ Improved Weighted score: higher quartile The analysis of these indicators and opinions also highlights how entrepreneurs perceptions may differ from the latest economic figures; a divergence that may be due to cultural bias, derivative ideas or lack of information. Red tape can also present challenges when it comes to accessing sources of funding. These gaps in perception raise a call to action for governments to tackle these specific issues. Viewpoint Ayman Asfari Group Chief Executive, Petrofac Ltd, UK Ayman Asfari joined Petrofac in 1991 to establish Petrofac International in the UK and the UAE. He was named Group Chief Executive in 2002 and led a successful IPO in Today, Petrofac s market cap is US$8b. The entrepreneurial culture in Britain has come a long way. Successful figures like Richard Branson and Alan Sugar and programs such as The Apprentice and Dragons Den have fostered a fascination with, and support for, entrepreneurship. But there is still more we can do. Mentoring is important. Everyone needs a little guidance sometimes. Who better to do this than successful entrepreneurs? Access to funding is also vital and there s no doubt that this continues to be an issue in the current economic climate, as start-ups struggle to get the banks to finance their plans. Perhaps one way of addressing this would be to encourage special funding for enterprise from financial institutions. I would also like to see a tax system that encouraged people to take sensible risks, thereby creating value and employment. Entrepreneurs are driven to succeed. Creating a culture in which people are encouraged to take ownership of their own destiny is more difficult in a country where the society is accustomed to a Government funded safety net. The key is to continue to protect the vulnerable while removing the incentives for laziness or complacency. And while it is difficult to educate for entrepreneurship, achieving a good grounding in the key technical subjects, combined with a willingness to communicate effectively, is essential for success.

3 The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young An auspicious environment with strong Government support Small and medium enterprises (SMEs) can take advantage of a very auspicious business environment in the. They account for 1.6 million entities, representing a 99.6% share of all enterprises. The Government provides strong support to the sector, which contributes to 55% of overall UK employment. 1 Although the number of new businesses registered annually has declined since 2007, it has remained consistently and significantly higher than the averages for G20 and mature market countries. Furthermore, new business density a measure of new registrations per 1,000 people aged is the highest out of any G20 country. 2 Acknowledging this competitive advantage, in November 2010, the UK Government launched a new entrepreneur visa to attract people who want to start a business in the UK. The culture of the UK is favorable to entrepreneurs, but access to funding is a continual challenge, particularly in the start-up phase, with bank lending constrained. Support for entrepreneurs could be better coordinated, but regulation is favorable, and there are no obstacles to entrepreneurship in terms of education and training. New business registered compared to G20 and mature market average General and specific factors influencing the entrepreneurship environment Strengths The UK benefits from a strong entrepreneurial culture The Government is committed to reducing the regulatory burden on small businesses Start-up costs for small businesses are low Weaknesses Support for long-term growth of SMEs is seen as poorly coordinated Bank lending and stock market activity for SMEs is down Opportunities The Government could improve tax incentives for business start-ups UK entrepreneurs finding it difficult to secure bank loans can seek financing from business angel investors and venture capital G20 average Mature market average Threats Weak lending conditions could persist, having particularly negative effects on small business start-ups Poor coordination of support to entrepreneurs could continue to be a constraint Source: World Bank. Data not available for US, China and Saudi Arabia. 1. Source: European Commission SBA Fact Sheet Excluding the United States, China, Saudi Arabia, for which data is not available on this indicator. Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 1

4 Entrepreneurship culture A positive outlook Do you think that the culture of your country encourages entrepreneurship? Disagree 24% Agree 76% The vast majority of UK entrepreneurs are convinced the UK has a culture that encourages entrepreneurship. Mature markets: 72% Rapid-growth markets: 80% Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. agreed that the culture of the UK encourages entrepreneurship 76% 72% of respondents thought promoting the role of entrepreneurs in creating new jobs has a high impact on entrepreneurship culture Half of the UK entrepreneurs said that entrepreneurs are regarded as providers of innovative products, which conveys a positive image. In addition, a further factor contributed to this favorable outlook over the last five years: popular TV shows like The Apprentice and Dragon s Den have had a large positive impact on public perceptions. Looking ahead, promoting the role of entrepreneurs in creating new jobs was seen as having a high impact on the entrepreneurship culture (72%). With the current increase in unemployment in the UK entrepreneurs have a key role to play. Impact over last five years of key cultural drivers in improving the perception of entrepreneurship The quality of research and innovation and overall levels of innovative activity are very good in the UK. As indicated by the number of R&D researchers per million of population, the UK shows higher investments than the mature market G20 countries. R&D expenditure is at a lower percentage of GDP than the G20 mature market average. Moreover, the number of scientific and technical journal articles published is slightly lower than the mature market average. The positive corporate and social responsibility (CSR) image of entrepreneurship The positive influence of the direct environment The positive image of entrepreneurs in education G20 Japan India The positive image of entrepreneurs in the media The positive image of entrepreneurs in providing innovative products Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. Innovative environment 2007 Change G20 average 2007 Change R&D expenditure (% of GDP) p.p p.p. Scientific and technical journal articles (number of publications) 47, % 31,376 +6% Researchers in R&D (per million of population) 4 4, % 2, % p.p.: percentage points 3. G20 average based on the 17 countries for which data is available for G20 average based on the 13 countries for which data is available for Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

5 Education and training No need for specific training Do you think that students need to follow specific training to become entrepreneurs? Yes 40% Unlike the G20 average, less than 50% of respondents in the UK, US, Australia and Canada think that students need to follow specific training to become entrepreneurs. No 60% Mature markets: 59% Rapid-growth markets: 80% Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. of respondents think that students do not need to follow specific training to become 60% 40% entrepreneurs of respondents see specific programs at universities and business schools as a key priority to improve student perception of entrepreneurship as a career option Over the last five years, entrepreneurs have seen improvements in entrepreneurship conferences and seminars. This education channel has improved faster in the UK than the mature market average. Public spending on education and secondary school enrollment has risen. Public spending on education is higher than the average for mature market G20 countries. In particular, more than half of UK entrepreneurs saw improvement in specific programs at universities and business schools, in entrepreneurship conferences and seminars, showing a higher perception than the rest of the mature markets. The National Council for Graduate Entrepreneurship (NCGE), launched in 2004, is a good example. It brings together universities, private sector businesses and the regional agencies in projects to promote entrepreneurship to students and postgraduates. The NCGE has the aim of raising the profile of entrepreneurship and of highlighting the option of starting a business as a career choice among students and graduates. Improvements over the last five years in entrepreneurship education and training Training period at school Specific programs at universities and business schools Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young Public spending on education, total (% of GDP) School enrolment, secondary (% gross) School enrolment, tertiary (% gross) Coaching programs for entrepreneurs Change Dedicated entrepreneurship chairs in universities and business schools G20 Entrepreneurship conferences and seminars Mature markets G20 average 2008 Change p.p p.p p.p p.p p.p. Tertiary-type A and advanced research programs (Number of graduates) 5 536,723 +8% n.a. 8% n.a.: data not available p.p.: percentage points 5. G20 average based on 11 countries for which data is available Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 3

6 Access to funding A big challenge despite Government measures Access to funding appears to be a significant challenge for young entrepreneurs in the. of our respondents find access to funding 72% 84% for young entrepreneurs difficult of entrepreneurs think the Government should facilitate access to funding for young entrepreneurs Seventy-two percent of UK entrepreneurs interviewed found it difficult for young entrepreneurs to access to funding, sharing this perception with entrepreneurs from other mature market G20 countries. They blame it partly on the economic downturn. Indeed, the credit contraction following the financial crisis has had a persistent negative impact on UK bank lending to SMEs. In response, the Government has introduced measures such as the Enterprise Finance Guarantee (EFG) scheme. This loan guarantee scheme aims to facilitate additional bank lending to viable SMEs with insufficient or no security for a normal commercial loan. However, lending has remained tight, a big source of concern as more than half of our respondents viewed bank loans as a highimpact funding instrument. Funding from venture capital (VC), for instance, has increased by 62% in terms of the sum of equity invested by VCs over the period Interestingly, entrepreneurs we talked to were evenly split on perceptions of whether access to VC funding has improved or deteriorated. This indicates that it is a funding instrument with strong potential to be better leveraged by UK entrepreneurs. Business angel investment is also important for the start-up phase, and twice as many thought it had improved as thought it had deteriorated a positive sign for start-ups. Access to funding after the downturn Venture finance has recovered, while SME share trading remains depressed 3 2,5 2 1,5 When UK start-ups want to expand at the later stages of development, they have great opportunity to do so on the London Stock Exchange s Alternative Investment Market (AIM). However, overall activity in this market is down, with a 65% lower value of SME share trading reported in 2010 than five years earlier, and the number of deals has also decreased. The perception of entrepreneurs confirms this state of affairs, with 40% seeing access to funding from the stock market as having deteriorated compared with 22% seeing improvement. 120,00 100,00 80,00 60,00 However, while the UK Government should continue to support bank lending for entrepreneurs, the latter may benefit from turning to other sources of funding for the start-up phase of enterprise development and onward. 1 0, Amount of VC invested (billions of dollars, right scale) Value of SME share trading (billions of dollars, left scale) Source: Thomson ONE; World Federation of Exchanges. 40,00 20,00 0, Change Perception barometer G20 average 2010 Change Business angels (number of networks) % + n.a +48% + Perception barometer Venture capital (US$m) 2, % - n.a +17% + SME bank loans (% of GDP) n.a. n.a % n.a. + Private equity (US$m) 32,832-12% - n.a -22% + SME stock markets (number of listed companies) % - n.a +32% + IPOs in main stock market (number of deals) 18-54% - n.a +12% + IPOs in SMEs stock market (number of deals) 40-75% n.a -33% n.a.: data not available 6. The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. 7. G20 average based on the seven countries for which data is available through European Business Angel Network. 4 Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

7 Regulation and taxation Low start-up costs and efficient regulation Entrepreneurs in the UK face relatively few major regulatory obstacles when they want to start a business. the cost of starting a business in the UK, as a percentage of per capita income, is the second 0.7% 110 lowest in the G20 after Canada hours per year spent on tax issues in the UK makes it the third lowest in the G20 Start-up costs in the UK are among the lowest of the G20 countries, as is the time it takes to start a business. The number of procedures required for a business start-up in the UK is around the average for mature market G20 countries, although the allotted time is higher. Entrepreneurs noticed no time reductions over the period, though they are low to start with. While more than half of respondents find the regulation efficient for starting up a new business, half of the interviewees report that this regulatory environment has deteriorated over the last five years. Around half of the UK entrepreneurs we talked to told us the environment for innovation incentives has improved, and the UK Government certainly has encouraged innovation through the Research and Development Tax Credit, launched in 2011, which provides financial support and incentives to companies carrying out R&D. However, the number of patents registered has been in steady decline in each of the past five years, which suggests innovation policy could be an area that needs greater focus for regulation. Indeed, two-thirds of UK entrepreneurs told us that encouraging innovation is a top priority for regulatory policy. Less time is spent on tax issues than in other mature markets, with 110 hours per year compared with the mature market average of 197 hours per year in 2011 although the trend shows a slight increase in the period under review. However, two-thirds of respondents thought there were not enough tax incentives for starting up a new business, and 82% viewed increased tax incentives as a measure that would have a high impact on long-term growth over the next three years. United G20 Kingdom Perception barometer Change G20 average 2010 Change Innovation incentives + + Tax subsidy rate for US$1 of R&D, SMEs n.a n.a. Tax incentives + + Start-up incentives (% of GDP) n.a n.a Ease of starting + Number of procedures to start a business a business Time to start a business (days) Cost to start a business (% income per capita) p.p. IP protection + + Number of patents , % 126, % Business regulation + Time spent on tax issues (hours per year) Labor market rigidity + + Cost of hiring 0.35 n.a. 0.3 n.a. Notice period 5.3 n.a. 5 n.a. n.a.: data not available p.p.: percentage points Severance cost 2.6 n.a n.a. 8. G20 average based on the 17 countries for which data is available for G20 average based on 12 countries and European Patent Office for which data is available in 2005 and Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 5

8 Coordinated support Improved support but coordination on standby Entrepreneurs clubs, associations and mentoring programs will have the highest impact in improving the entrepreneurship environment. of respondents highlight that 48% young entrepreneurs benefit from 60% tailored support underline the poor coordination between the different support programs Improvement to the support provided to entrepreneurs by entrepreneurs clubs, associations and mentoring programs is undeniable in the UK, according to our respondents. These enablers are also perceived as the leading way to increase the level of help provided to entrepreneurs over the next three years. However, UK entrepreneurs told us that collaboration and coordination between different organizations has stagnated over the past five years (44%), and that support for long-term growth is poorly coordinated (60%). In the meantime, several new initiatives launched in the last few months should contribute to support entrepreneurs. The Growth Review, launched in November 2010, calls on business and industry to challenge government departments on the measures they are taking to allow the private sector to flourish. How would you evaluate the coordination between governments, associations and education systems in your country? Can't say 2% Mature markets: 41% Rapid-growth markets: 51% Well coordinated 38% Coordinated support entrepreneurs perception of progress and future impact Poorly coordinated 60% Impact of next three years Government agencies Incubators Chambers of commerce Entrepreneurs clubs and associations Mentoring program Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young Progress of last five years Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. 6 Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

9 Selection of government leading practices Enterprise Investment Scheme (EIS) The EIS was introduced by the UK Government to encourage inward investment in SMEs. There are various tax reliefs available to potential investors, designed to encourage investment into these types of opportunities, which otherwise may struggle to secure funding. Entrepreneurs Relief for Capital Gains Tax Entrepreneurs Relief reduces the amount of the Capital Gains Tax on the disposal of qualifying business assets on or after 6 April 2008, as long as you have met the qualifying conditions throughout a one-year qualifying period, either up to the date of disposal or the date the business ceased. New Enterprise Allowance (NEA) The NEA provides extra help to unemployed people who want to start their own business. Participants get access to a volunteer business mentor who provides guidance and support as they develop their business plan and through the early months of trading. Once a customer can demonstrate they have a viable business proposition with the potential for growth in the future, they are able to access financial support. Launch date 1994 (regular follow-up amendments) April 2008 (regular follow-up amendments) January 2011 Main application area Access to funding Regulation and taxation Access to funding, coordinated support, entrepreneurial culture StartUp Britain StartUp Britain is a new campaign by entrepreneurs for entrepreneurs to support small businesses in the UK. The program is designed to celebrate, inspire and accelerate enterprise in the UK. The Enterprise Finance Guarantee (EFG) The EFG is a loan guarantee scheme intended to facilitate additional bank lending to viable SMEs with insufficient or no security with which to secure a normal commercial loan, with a Government-backed guarantee for 75% of the loan value. The EFG was launched in January 2009 to help viable SMEs obtain the working capital and investment that they need during a time of unprecedentedly tightened credit conditions. It now aims to help such SMEs seeking finance for investment and growth as the economy recovers. Innovation Launch Pad (ILP) The ILP invites SMEs to pitch their business proposals for products and services to deliver better value for money for government. It is part of the coalition Government s ongoing commitment to increase its level of spend with SMEs. The Prime Minister strongly supports this entrepreneurial initiative, not only because it saves taxpayers money, but because it creates employment and inward investment in British SMEs. The Growth Review The Growth Review calls on business and industry to challenge government departments on the measures they are taking to allow the private sector to flourish. The Growth Review has focused on how to help the private sector to recover and create jobs with the aim of improving the conditions for business growth. The National Council for Graduate Entrepreneurship (NCGE) The NCGE is developing its University Enterprise Networks, which bring together universities, private sector businesses and regional agencies in projects to promote entrepreneurship to students and postgraduates. The NCGE has the aim of raising the profile of entrepreneurship and the option of starting your own business as a career choice among students and graduates. The NCGE is the national focal point for graduate entrepreneurship and collaborates with bodies across the UK and internationally. The R&D Tax Credit Legislation was introduced in 2011 to increase the additional deduction for qualifying R&D expenditure given to SMEs in computing business profits or losses for corporation tax purposes. The targets are SMEs that claim R&D tax relief. The policy objective is to improve the overall competitiveness of the UK tax system for R&D companies by increasing the incentive for SMEs to carry out R&D, increasing R&D and innovation in the UK. UK Innovation Investment Fund (UKIIF) The UKIIF has been established to drive economic growth and create highly skilled jobs by investing in businesses where there are significant global opportunities. The fund invests in technology-based businesses with high growth potential. The UKIIF focuses on investing in growing small businesses, start-ups and spinouts, in digital and life sciences, clean technology and advanced manufacturing. Venture Capital Trusts (VCT) A VCT is a company, broadly similar to an investment trust, which has been approved by HMRC and which subscribes for shares in, or lends money to, small unquoted companies. Under the VCT scheme, VCTs and their investors enjoy certain tax reliefs. Corporate Venturing Scheme (CVS) The CVS is aimed at companies considering direct investment, in the form of a minority shareholding, in small independent higher-risk trading companies or groups of such companies. It provides tax incentives for corporate equity investment in the same types of companies as those qualifying under the EIS and VCT schemes. The aims of the CVS are to increase the availability of venture capital to small higher-risk trading companies from corporate investors and, through this, foster wider corporate venturing relationships between otherwise unconnected companies. Enterprise Capital Funds (ECFs) ECFs address a market weakness in the provision of equity finance to SMEs by using government funding alongside private sector investment to establish funds that operate within the "equity gap". Capital for Enterprise Limited (CfEL) is responsible for the management of ECFs. New entrepreneur visa The UK entrepreneur visa service is a UK immigration service, which grants access to people who wish to start a business in the UK, and is aimed at attracting investor-backed business people who wish to immigrate to the UK to start high-tech companies. UK business visas of this type enable their holder to live and work in the UK without the need for a UK work permit. The goal is to better position London as a location for start-ups. March 2011 January 2009 Entrepreneurial culture Access to funding 2011 Coordinated support November 2010 Coordinated support 2004 Entrepreneurial culture, education and training 2011 Regulation and taxation June (regular follow-up amendments) Access to funding Access to funding, coordinated support, regulation and taxation Access to funding, coordinated support, regulation and taxation, entrepreneurial culture 2006 Access to funding, coordinated support November 2010 Coordinated support Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 7

10 Methodology Further details can be found in the methodology section of The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. For this first edition of the Entrepreneurship Barometer, our analysis of the G20 country environment is articulated around the five enablers (access to funding, regulation and taxation, education and training, entrepreneurship culture, coordinated support) defined by the G20 Young Entrepreneurs Alliance (YEA) in Toronto, Canada (20 22 June 2010). Our analysis is based on four building blocks: macroeconomic indicators, a perception survey conducted across the G20 countries, qualitative interviews of emblematic entrepreneurs and an analysis of G20 governments leading practices. Throughout this report, we have used the following definitions: Young entrepreneurs are young women and men aged between 18 and 40 The split of country groupings between mature markets (MMs) and rapid-growth markets (RGMs) is based on the definition provided by the International Monetary Fund (IMF) As no single definition is shared across all the G20 countries for small and medium enterprises (SMEs), we have adopted each country s respective definition We conducted a perception survey with an international panel of 1,001 entrepreneurs across the G20 countries (50 interviews per country). The field research was conducted by CSA Institute between 27 May and 7 July The perception barometer was calculated using a weighted average of country performance scores. Our quantitative analysis is based on the following economic indicators: Access to Funding Business angels Number of business angel networks [EBAN] Venture capital (VC) fund-raising Equity invested (US$m) [TO] SME lending Loan value (% of GDP) [WB] Private equity (PE) Deal value (US$m) [DL] Entrepreneurship culture SME stock markets Value of shares trading (US$m) [WFE] Number of listed companies [WFE] Broad public stock market Value of shares trading (US$m) [WFE] Number of listed companies [WFE] Initial public offering (IPO) broad and junior market activity IPO number of deals [DL] IPO capital raised [DL] Innovative environment Research and development expenditure (% of GDP) [WB] Scientific and technical journal articles (per million of population) [WB] Researchers in R&D (per million of population) [WB] Regulation and Taxation Tax subsidy rate for US$1 of R&D SMEs [OECD] Start-up incentives (% of GDP) [OECD] Starting a business Number of procedures [WB] Time (days) [WB] Cost (% income per capital) [WB] Minimum capital (% income per capital) [WB] Number of patents [WIPO] Time spent on tax issues (hours/year) [WB] Cost of hiring, severance cost and notice period [WB] Education and Training Public spending on education, total (% of GDP) [WB] School enrollment, secondary (% growth) [WB] School enrollment, tertiary (% growth) [WB] Tertiary-type A and advanced research program (number of graduates) [OECD] Sources: Dealogic (DL), World Bank (WB), European Business Angel Association (EBAN), World Federation of Exchanges (WFE), World Intellectual Property Organization (WIPO), Capital IQ data (CIQ), Organization for Economic Cooperation and Development (OECD), ThomsonOne (TO). 8 Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

11 Entrepreneurs speak out A call to action for G20 governments Through five key enablers, the Entrepreneurship Barometer analyzes 1 entrepreneurs perception as well as government leading practices in order to provide key recommendations to governments and entrepreneurs. The country profiles explore the national specificities of entrepreneurship 2 environment to provide a better understanding to entrepreneurs considering international expansion. Highlighting the main conclusions of the report, the Barometer website 3 provides further government leading practices and entrepreneurs success stories.

12 Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit EYGM Limited. All Rights Reserved. EYG No. CY0205 In line with Ernst & Young s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. The opinions of third parties set out in this publication are not necessarily the opinions of the global Ernst & Young organization or its member firms. Moreover, they should be seen in the context of the time they were expressed. Contact Bob Forsyth UK Strategic Growth Markets Leader Tel: bforsyth@uk.ey.com Catherine Masters UK Strategic Growth Markets Marketing Leader Tel: cmasters@uk.ey.com This report has been produced in collaboration with Oxford Analytica ( an independent consultancy that has for over 35 years provided authoritative analysis of the macro environment. Growing Beyond In these challenging economic times, opportunities still exist for growth. In Growing Beyond, we re exploring how companies can best exploit these opportunities by expanding into new markets, finding new ways to innovate and taking new approaches to talent. You ll gain practical insights into what you need to do to grow. Join the debate at

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