British Business Etiquette for Foreigners

There is a general impression of Britain to many outsiders that it is overly formal and rigid, especially when it comes to business. However, over the past century, Britain has become increasingly diverse, both in terms of its population and how the country does things.
When doing business in the UK however, it all comes down to what generation you are doing business with. The older generations tend to be more formal in their manner, preferring to work with people they known or who have worked with associates. There is also the preference to do things in more traditional manners, such as face-to-face meetings. However, with a younger generation of businessmen rapidly coming to the fore, there has been a chance in the business dynamic.
Younger businessmen are notably less formal, and are more eager to do business with new companies and partners without building a long relationship. They also prefer networking and relationship building, knowing that these could be key to spreading their brand around the world and among other industry companies.
How despite generational differences, there are basic etiquette tips that should be adhered to, no matter the age of the client. They are generally found in most countries, and these guidelines won't be unfamiliar to anyone who has attended a European business meeting.
You should always wear a suit or business attire to a meeting, and shaking hands upon arrival and departure is the standard greeting. Eye contact during conversation is regarded as polite as is the exchange of business cards if you have them. Business gifts are generally not done in the UK, though it is not uncommon to go out for a business meal.
When it comes to business and meetings, punctuality is also very important, therefore if you are running late, it is polite to inform anyone you could keep waiting.
Once in the meeting, discussion is often direct, though many UK businessmen prefer to understate their statements, using phrases as "perhaps" or "it is possible". Meetings are generally formal, with the purpose being laid out early on so that an agenda can be reached.
There may be some initial small talk at first, but be aware that British businessmen are often there to do a deal, and as such you must make sure you have the facts and figures to back up any claims that you might make. In fact, it is not all that different from Dragon's Den.