Friday 19 April 2013
The UK continues to lag behind its international rivals in terms of trading overseas, it has been claimed.
According to the Confederation of British Industry (CBI), new measures are needed to support businesses trading with foreign clients.
The lobby group has proposed incentivising tax breaks for exporters, as well as a review of the practicalities of the Bribery Act and easier access to export finance schemes.
It argues that growing mid-sized companies with the potential to enter new markets must be at the forefront of any export-led recovery.
But the CBI warns that too many firms are impeded by the perceived risks and costs of exploring new overseas markets.
John Cridland, director-general at the CBI, said global trade has been "one of the bedrocks of UK economic strength".
However, he claimed that to cement its position as a leading exporting nation in the future, the UK needs more active government support.
“While we are making progress in some fast-growing markets, weaker than expected economic growth in our major trading partners has held us back," Mr Cridland noted.
"We also have a heavy dependence on imports: ships are arriving in UK ports bringing in more goods than they take back."
He claimed that the growing middle classes of Asia and Latin America want to purchase leading UK branded goods and services, so there is "every reason for the UK to be confident" as long as businesses continue to make headway.
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Posted by Alex Boardman