A number of leading institutions and businesses have teamed up to try and answer the following question – how can Britain improve its export performance?
In recent weeks, the Institute of Export and International Trade has joined forces with Barclays bank and the Policy Institute at King’s College London to carry out a comprehensive new study into how the UK can increase exports in the year ahead.
According to up-to-date figures, the UK is currently the world’s second largest exporter of services and the tenth largest exporter of goods. However, in order to fall in line with the Government’s vision to reinvent Britain as a “21st Century exporting superpower,” as mapped out in the latest Export Strategy, many argue that the nation still has a long way to go.
Furthermore, there is no denying that the UK faces a number of challenges in the years ahead – from negotiating a favourable deal with the European Union (EU) ahead of Brexit to reinventing itself as a standalone exporting powerhouse in the initial post-Brexit years.
At its annual World Trade Summit, the Institute of Export and International Trade, along with its new partners, unveiled its new research project and said that it would carry out an in-depth analysis of how exporting businesses can break down common barriers to export growth.
It said that regardless of the outcome of Brexit, the Government needed to step up to ensure that both current and budding exporters would receive the support they need in order to be successful. With this in mind, the Institute’s review will have a key focus on how Government policy can help businesses of all shapes and sizes to improve their export performance, it said.
So far, the group’s research has found that the Government’s approach is “well-founded.” However, it has voiced concerns that more needs to be done to raise awareness of exporting opportunities and to simplify the UK’s export support landscape.
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.