UK Trade & Investment Minister Lord Davies of Abersoch welcomed an extra boost of £10 million announced in the budget recently that will help UK businesses to export. Lord Davies said "this is a budget for business and a budget for trade."
MIA CEO Chris Aylett was determined to secure early benefit for MIA members, when he said, "It is good to see the importance of exports reflected in the recent budget announcement. Over 65% of sales from MIA members - all firms with high potential as identified by the Government - goes overseas, so we are already making sure they will gain direct benefit from this fund. There is no time to waste.”
Research demonstrates that UK companies, which strategically decide to export, will be better positioned to grow when the world economy picks up.
The extra £10 million, which will be spent over the next two financial years, represents an additional 5% on top of UK Trade & Investment’s (UKTI) current annual programme budget of £91 million. It will be focused upon UK firms with a high potential for growth and top inward investors.
Lord Davies added “This money will be well-spent. We will use it to help British businesses in areas where there is significant growth potential. We want to reach out to high potential firms - leaders in their fields - that may be well-established in the UK but have not yet considered an international presence.”
The funding was announced as part of a new £750 million Strategic Investment Fund that will deliver Building Britain’s Future - New Industry, New Jobs, a strategic vision for Britain’s economic recovery recently published by BERR.
In addition to the £10 million announced today, UKTI will have access to this £750 million Strategic Investment Fund to deliver the international dimensions of the strategy, which identifies exports as an area for immediate action.
The strategy notes that growing populations, expanding middle classes in emerging economies, rising prosperity, new technologies, the green revolution and the transition to low carbon all represent huge opportunities for UK business. It also discusses enhancing the role of the Export Credits Guarantee Department (ECGD) in supporting UK exporters, working in partnership with UKTI and other Government Departments.
