Some of the UK’s leading business leaders have proposed a plan for exports that could result in a £500 billion trade boost and deliver an additional five million jobs to the nation’s economy.
The Global Britain Commission has laid out, in detail, a blueprint for ‘Global Britain’ in a post-Brexit world in its new proposals for the Government.
The group, set up and led by former trade minister Liam Fox, has argued that if the UK can match Europe’s largest market, Germany, in exports per capita then the nation could bring in an additional £474 billion every year.
At the moment the UK is one of the world’s leading trading nations in terms of absolute export value, bringing in £601bn of exports and £598bn of imports.
However, on a per-capita basis it falls behind its competitors in Europe. For example, exports of goods and services in the UK in 2020 were around £8,597 per capita, however Germany enjoyed a per-capita rate of £15,645.
As well as brining in new jobs to the country due to a higher demand in exports, the Commissions plan said that it could boost the average UK workers salary from £31,285 to £33,475 – an increase of £2,190.
The business group wants the Government to focus more on boosting exports with emerging markets around the world, such as Indonesia, Vietnam, Mexico and South Africa, where there is greater potential for growth.
“What is abundantly clear is that the right focus on a truly global Britain can reap huge economic benefits for everyone in the UK,” said Dr Liam Fox.
“Post-Brexit, there is a new trading reality, and British and global businesses can grasp these new opportunities to the benefit of the economy, business and workers,” he concluded.
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