'UK is a League One team', says Sorrell
WPP chief Sir Martin Sorrell has likened the UK market to a League One team in terms of the opportunities it presents his business.
Sorrell, who earlier today reported a "remarkable" 28.5 percent profit jump for WPP, described rival markets in Brazil, Russia, India and China as "Premier League".
Here's his football analogy in full:
"The world continues to move at very different speeds, both geographically and functionally. By means of explanation, perhaps an English football analogy is helpful.
"First, The Premier League consists of the BRICs (Brazil, Russia, India and China) and the Next 11 (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, Vietnam) or CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey, South Africa), along with new media (personal computer driven, mobile, video content, social networks).
"Second, The Championship, the United States, because of its size, immigrant, entrepreneurial culture and human and natural resources, along with an economically well-run and high value-added manufacturing export-led Germany and free-to-air television; third, League One, Western Europe, primarily the United Kingdom, France, Italy and Spain, along with newspapers and magazines; last, League Two, Japan, which has been stagnant for almost twenty years. Perhaps the United Kingdom, with its Coalition Government's emphasis on deficit reduction and long-term growth will gain promotion to The Championship?"