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Articles by Jonathan Dimson
Europe has the defense budget. The test now is delivery.
At this month’s NATO summit in Ankara, allies announced billions of dollars in new arms deals and reaffirmed their commitment to spend more on defense. European governments have made the pledge, and the money is real: European defense spending has doubled since 2019, and by 2030, European NATO member countries are projected to spend in excess of €800 billion a year, up €300 billion from 2025, with equipment spending alone nearly doubling. But committing money is the easy part.
A different lens on Europe’s defense budgets
European NATO countries’ defense spending has long fallen short of the organization’s target of 2 percent of GDP, set in 2014. In the decade since, it has averaged only 1.6 percent. However, geopolitical tensions have caused European NATO countries to reevaluate their defense capabilities. European defense spending is on the rise, standing at an average of 2.2 percent of GDP in 2024.
Deploying private sector best practices to government budgeting
September 10, 2024 | McKinsey Direct Government finance leaders can apply private sector best practices to rejuvenate government budgeting processes in an uncertain and dynamic operating environment. Budgeting within any government organization is challenging.
UK small and medium-size enterprises: Impact of the COVID-19 crisis
The results of a McKinsey survey conducted online in November 2020 suggested glimmers of hope among UK small and medium-size enterprises (SMEs), which had been struggling to thrive because of the tough trading restrictions imposed during the COVID-19 pandemic. At that time, 52 percent of the 653 SMEs surveyed said they could be out of business in fewer than 12 months under the trading conditions of the time.
UK small and medium-size enterprises: Impact of the COVID-19 crisis
Survey results reported toward the end of 2020 suggested that the outlook for UK SMEs was improving. Will that last? The results of a McKinsey survey conducted online in November 2020 suggested glimmers of hope among UK small and medium-size enterprises (SMEs), which had been struggling to thrive because of the tough trading restrictions imposed during the COVID-19 pandemic.
This is how COVID-19 is affecting Europe's SMEs
New research by McKinsey show's the devastating affect coronavirus is having on Europe's small and medium-size enterprises (SMEs). SMEs employ more than two-thirds of Europe's workforce and contribute substantially to Europe's economy. But due to the pandemic, one fifth of businesses now expect to default on loans and lay off staff. If revenues were to remain steady, 55% of SMEs could shut down by September 2021, a figure that rises to 77% if revenues worsen.
COVID-19 and European small and medium-size enterprises: How they are weathering the storm
Small and medium-size enterprises have been the lifeblood of the European economy. But more than half of those surveyed worry they might not be in business in 12 months. Small and medium-size enterprises(SMEs) have been the lifeblood of the European economy, accounting for more than two-thirds of the workforce and more than half of the economic value added.
COVID-19 and European small and medium-size enterprises: How they are weathering the storm
Small and medium-size enterprises(SMEs) have been the lifeblood of the European economy, accounting for more than two-thirds of the workforce and more than half of the economic value added. 1 Yet the results of a recent McKinsey survey, conducted in August, 2020, of more than 2,200 SMEs in five European countries—France, Germany, Italy, Spain and the United Kingdom—indicate just how hard their prosperity has been hit by the COVID-19 crisis.
Government remote working during COVID-19 outbreak
The COVID-19 outbreak has forced a sudden shift in how governments around the world function by presenting them with an unprecedented peacetime challenge. The crisis has significantly added to governments’ responsibilities and workloads: in addition to leading the response and coordinating efforts across the public and private sectors, governments have to, among other urgent tasks, steer economic policy and manage a spike in unemployment claims.
The future of work: Rethinking skills to tackle the UK’s looming talent shortage
The adoption of automation, along with technologies such as artificial intelligence (AI) and the Internet of Things, is likely to unleash profound structural shifts in the UK workforce—which will be amplified by other megatrends such as the aging population. As a result, demand for occupations such as managers, technology specialists, and health professionals could rise nearly 20 percent by 2030, while demand for administrative and manual roles could decline just as steeply.
Building agility in the British Army’s headquarters
Three leaders from the British Army lay out what it took to bolster agility and flexibility in its headquarters operations. The British Army’s headquarters is the central hub of strategic thinking and planning for more than 80,000 regular and 30,000 reservist soldiers deployed in the United Kingdom and across the world. The army’s operating environment is arguably more complex now than ever, and the nature and purpose of military force have shifted significantly.
How smart choices on taxation can help close the growing fiscal gap
Governments around the world have implemented a range of fiscal and debt measures to fund policy initiatives over recent decades. As a result, tax revenues as a proportion of GDP have risen four percentage points across Organisation for Economic Cooperation and Development (OECD) countries since 1980. However, many governments remain inadequately funded. Despite higher tax revenues, spending is rising faster than income, leading to widening budget deficits and higher levels of debt.
Spending reviews: A more powerful approach to ensuring value in public finances
Governments around the world face an imperative to manage their resources efficiently and provide services at the lowest possible cost. For some governments, this has involved going beyond traditional budgeting and taking a more innovative approach to managing public finances: spending reviews. Spending reviews have the potential to provide significant insight into budget allocations, leading to recommendations that can enable higher productivity and greater operational efficiency.
Solving the United Kingdom’s productivity puzzle in a digital age
New research explains why the United Kingdom has been experiencing historically low productivity growth and what can be done to return to long-run averages. Declining labor-productivity growth characterized many advanced economies after a boom in the 1960s, but since the mid-2000s that decline has accelerated. Against that backdrop, the United Kingdom stands out as one of the worst productivity performers among its peers.
Solving the United Kingdom’s productivity puzzle in a digital age
New research explains why the United Kingdom has been experiencing historically low productivity growth and what can be done to return to long-run averages. Declining labor-productivity growth characterized many advanced economies after a boom in the 1960s, but since the mid-2000s that decline has accelerated. Against that backdrop, the United Kingdom stands out as one of the worst productivity performers among its peers.
Four innovations reshaping tax administration
New insights from McKinsey research suggest that across the globe, tax authorities diverge in the maturity of their innovation in four areas: digitized interactions, advanced analytics, process automation, and talent management. In an age when we can order food, hail a ride, track our fitness, book a flight, and perform multiple banking activities from our smartphones, technology is shifting citizen expectations across the globe.
Productivity: The route to Brexit success
The United Kingdom’s post-Brexit future is uncertain. But one thing is clear: boosting economic growth will depend heavily on addressing long-standing productivity challenges. The UK government has committed itself to implementing the outcome of the June 23, 2016, referendum, when voters opted to leave the European Union. The big question is: what next? Most forecasts of how Brexit will affect the economy are pessimistic.
Improving the effectiveness of tax collection: $30 in additional revenue for every $1 spent?
An analysis of OECD countries’ expenditure on tax-collection effectiveness suggests high returns on investment. Improving tax-collection processes and cracking down on tax evasion are among the few ways governments can raise more revenue without prompting a vocal outcry from at least some parts of the electorate. Fortunately, it is becoming easier for governments to pursue these objectives.
From austerity to prosperity: Seven priorities for the long term in the United Kingdom
Prospects for economic growth in the United Kingdom are strong, provided that bold action is taken to remove key barriers. Over the last 15 years the UK’s productivity growth has been encouraging, matching the strong performance of the United States and closing the productivity gap with the EU-15. Overall productivity levels, however, are still nearly 20 percent below the US and 10 percent lower than those of Germany.
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