Calls for more support to help small and medium sized firms trade overseas
Chancellor George Osborne has been urged to to push through reforms to the UK’s export finance system in his forthcoming Budget in order to meet targets to rebalance the economy towards trade.
The British Bankers' Association and the British Export Association have called on the Chancellor to increase the scope and range of UK Export Finance products in order to support overseas sales.
The Government have repeatedly emphasised the importance of UK exports as the path to sustainable economic growth and have targeted doubling the value of UK trade to £1 trillion by 2020. However, export figures have proved disappointing and in January the cross party Public Accounts Committee warned that the UK would miss this target unless support for smaller firms was boosted substantially.
The Chamber recently wrote to the Chancellor, ahead of the 2014 budget, urging the Treasury to boost funding for international trade support. Recognising the difficulties faced by exporting firms entering new markets, the Chamber has called on the Chancellor to provide greater funding for training and to expand the support offered by UK Export Finance.
The Chancellor will make his budget statement on 19th March.