DAVOS: Business challenged to build trust and share benefits

Karen Briggs, Head of Brexit at KPMG:

'This has been a big week for Brexit and a huge test for government. Businesses both large and small will be reassured that the Prime Minister is thinking beyond a clean Brexit, avoiding protectionism and seeking to put Britain centre stage in global free trade. We know that many CEOs are already working hard to build public trust, so we expect moves to usher in the highest standards of corporate governance, bridge the gap on executive pay and foster a greater community contribution will be largely welcomed if the payoff is an industrial strategy which makes the UK a magnet for long term growth.'

Mark Essex Director, Public Policy at KPMG comments on the Prime Minister's speech at the World Economic Forum in Davos:

'Theresa May seeks to help shape a new era of globalisation. She wants to sign trade deals with the rest of the world and deliver a 'comprehensive, bold and ambitious' free trade agreement with the EU. As I highlight in my weekly Brexit column, this is a difficult enough task in itself but if she succeeds, Britain's economy faces a very bright future. But she then sets a further challenge; to share that success more evenly among the British people. Companies will need to be alive to the risks that remain from a (still possible) 'no-deal' Brexit, in which we revert to WTO rules. But for those who can adapt, the Prime Minister's speech provides upsides; she is prepared to create the conditions for winners to flourish. So perhaps those businesses who seek to invest in 'left behind communities' as a source of new talent will be supported as part of the new industrial strategy. For responsible businesses who can adapt to change, there are opportunities as well as risks.'

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ('KPMG International'), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.