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UK firms show a 'remarkable propensity to use consultants'

Nov 27
Tags: PwC
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UK firms show a 'remarkable propensity to use...

The UK's management consulting sector is continuing to perform strongly, despite ongoing economic uncertainties and questions over Brexit.

According to Source Global Research, the industry grew by 7.5 per cent in 2016, reaching a value of £7.3 billion.

This is four times the rate of growth seen in the wider economy.

As a result, the UK's consulting market was ranked in fourth place in the Global Market Attractiveness Index, which lists the world's most attractive consulting markets in 2018.

This put it just behind the DACH consulting market, which consists of Germany, Switzerland and Austria.

Australia was ranked in second place and the US came third, while the UK was listed just ahead of the Gulf Cooperation Council, an alliance consisting of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman.

Edward Haigh, director of Source Global Research, commented: "The UK is still a place in which clients show a remarkable propensity for using consultants. 

"Relative to GDP the UK’s consulting market is twice the size of France’s and bigger, even, than that of the US."

The report went on to note that Brexit is likely to drive a great deal of work for management consultants in the UK.

However, it pointed out that the UK is heavily reliant on the flow of talent across borders, which means it will be open to any interruption to the supply of talent that arises from Brexit.

The figures from Source Global Research come shortly after consulting firms ranked highly on The Times Top 100 Graduate Employers list.

PwC retained its top ranking for another year, while Deloitte was listed in sixth place. In addition, EY made it to fifth in the rankings and KPMG was ninth.

Accenture went up one place this year, earning 16th position in the rankings, while McKinsey & Company was in 21st position.

Other consultancies to rank highly included IBM (25th place), BCG (40th place) and Bain & Company (74th place).

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Image: iStock/nd3000

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