A new study suggests that almost half of UK exporters are yet to review their strategy for selling goods abroad ahead of Britain’s eventual exit from the European Union (EU).
The research, which was carried out by high street bank Lloyds, argues that many small and medium-sized enterprises (SMEs) could be setting themselves up for significant losses if they do not undertake a ‘Brexit rethink’.
Clive Higglesden, of Lloyds Bank, has stressed that: “Wait-and-see is not really an adequate strategy for exporters.”
The most recent data from the Office for National Statistics (ONS) suggests that the EU purchases around 47 per cent of all UK-exported goods and services – leading Mr Higglesden to argue that SMEs need to “explore new opportunities” for trade before Britain formally leaves the bloc.
His comments come after Lloyds Bank’s own research found that as many as 48 per cent of British exporters are yet to assess how they will respond to the challenges posed by a post-Brexit trading relationship.
This is despite the fact that the majority of the 1,000 businesses surveyed by Lloyds (85 per cent) currently admit that the EU is their ‘most important’ trading region.
Mr Higglesden said: “With a year since the vote and negotiations to leave the EU now underway, it’s concerning to consider that almost half of British exporters have yet to assess what changes may occur and what action needs to be taken.
“Wait-and-see is not really an adequate strategy for exporters, and businesses should be acting now to manage any risks on the horizon and possibly explore new opportunities.”