New trade strategy promises ‘UK can be an export superpower’ after Brexit

23 August, 2018, 19:17 | Author: Eric Barnett
  • Liam Fox wants UK exports to hit 35 per cent of gross domestic product

This Export Strategy sets out to change that and to increase exports as a proportion of GDP from 30 per cent to 35 per cent, taking us from the middle of the G7 to near the top.

Fox said the United Kingdom should set its sights high as it leaves the European Union and insisted the nation was "superbly placed to capitalise on the rapid changes in the global economic environment".

Wright also continued calls for clarity over the UK's trading relationship with the European Union, the country's biggest export market, after March next year.

"We therefore welcome the publication of today's export strategy as an important step in helping business to understand and seize the opportunities that exporting provides". He promised to help companies secure finance, unlock opportunities and open markets overseas.

The proposal has set out plans for DIT to support businesses in four ways: encouraging more businesses to export via several initiatives; providing information, advice and practical assistance, including via the great.gov.uk website and the network of HM trade commissioners; connecting businesses to overseas buyers; and providing finance through UK Export Finance.

Plans to make Britain a "21 century exporting superpower" will be set out today in a new export strategy.

Exports reached a record high a year ago of £620bn after a fall in the value of the pound in the wake of the Brexit vote and better than predicted growth.


Trade and export minister Baroness Fairhead said: "As the world's sixth-largest exporter, we do punch above our weight. This is ambitious but achievable", she insisted.

Responding to the new export strategy, Ian Wright, chief executive of the Food and Drink Federation, said he would welcome extra support for the sector as he negotiates a sector deal for food and drink manufacturing with the government.

"However, SMEs need more governmental support to make this happen", he said.

The measure was outlined in a new export strategy published by the government on Tuesday.

Carolyn Fairbairn, the CBI Director-General, said: "This strategy is a timely signal that the Government is committed to improving the United Kingdom's global competitiveness".

The government estimates that 400,000 British businesses could export but now do not, while the CBI believes 10 per cent of companies in every region of the country fit that category.

Dr Adam Marshall, director general of the British Chambers of Commerce, will join the launch of the Export Strategy and will say it must be complemented by a strong push to "fix the fundamentals" of the domestic business environment in the UK.

Recommended:



Popular

Kylie Jenner and Travis Scott share sweet pictures with Stormi
Minaj also claims that after speaking with Scott, he admitted that he does not have the no. 1 album in the country. Nicki's 4th album, Queen , sold a total of 185,000 equivalent album units in its debut week.

Three dead after knife attack in Paris suburb
Two people were killed and one other was wounded Thursday in a knife attack outside Paris , authorities said. He also stabbed a third victim, a female passerby, who was gravely injured in the attack.

US, China raise tariffs in latest round of trade dispute
That leaves about $20 billion for penalties after tariffs already imposed or planned on a total of $110 billion. In the first round of tariffs that month, Washington imposed taxes on Chinese goods worth $34 billion.

Stuart Broad fined for outburst at Rishabh Pant
Indian skipper Virat Kohli taken the revenge with England's skipper Joe Root of his 2014 innings in England against England. Thus, it was always going to be an impossible task for England to even save the match with two days remaining.

Trump's former personal lawyer Michael Cohen pleads guilty
But the specifics of the deal are important here - and they're probably not what President Trump and his legal team want to see. Cohen approached pharmaceutical company Novartis and signed a one-year, $1.2 million contract with the company.

Google Pixel 3 XL leak confirms big notch, dual front cameras
Meanwhile, the AIDA64 reveals that the Pixel 3 XL will pack a 3,430mAh battery, a 6.71-inch display with 1440x2960p resolution. This is because the Pixel 3 XL will feature wireless charging which kind of necessitates the use of a glass back.

Ben Affleck Heads To Rehab After Intervention From Jennifer Garner!
Cape Town - Ben Affleck has checked into rehab, after reportedly turning to estranged wife Jennifer Garner for help. Ben has previously gone to rehab in 2001 for alcohol addiction, and returned to get help a year ago .

Aussie PM holds on for now amid leadership crisis
Whoever emerges as Australia's next prime minister will become the country's seventh prime minister in a decade. Morrison has been a Turnbull supporter, but has reportedly long held ambitions on the prime ministership.

Aston Villa Move Ahead of Middlesbrough In Yannick Bolasie Chase
Grealish, 22, was rumoured to be heading to White Hart Lane over the summer after impressing in the Championship last season. Bruce was quoted by the Birmingham Mail as claiming that signing players from the Premier League is hard .

NVIDIA RTX at 1080p 60FPS
But for many at the show and watching online, we just wanted to get the dirt on the new cards. Game developers are all set to adopt this technology this year.