The UK’s economic growth potential held firm in the first year following the Brexit vote and could climb the global rankings in the years ahead, thanks in part to backing for emerging technologies such as Artificial Intelligence (AI).

The accountant KPMG’s annual survey of global growth potential has ranked Britain 13th on its growth potential indicator, ahead of Germany which dropped two places to 14th place and France which failed to make the top 20 league table.

KPMG said Britain maintained its ranking despite the uncertain future of its trade relationships, and “there is everything to play for to move the UK higher up the rankings” through the Government industrial strategy plans.

The report found that while many low and middle income countries prioritise investment in infrastructure and transport, it is investment in technological infrastructure which is key for future growth potential.

The Netherlands is the only country to top KPMG’s tracker for both transport and technology investment, securing the country’s place at the top of the rankings for another year.