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 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.



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