As George Osborne yesterday gave his fifth Budget speech since becoming Chancellor of the Exchequer, we take a look at what his announcements mean for Britain’s exporters…
“We back businesses who invest and export.” That was a key opening message from Chancellor of the Exchequer George Osborne in yesterday’s Budget announcement, his fifth speech since becoming chancellor.
Stating the government wants UK exports to reach £1 trillion by 2020 and for 100,000 more British businesses to be exporting in the same time frame, he announced key measures to achieve this. Not only will the chancellor double government credit available to support overseas sales to £3bn, he also announced plans to cut UK Export Finance interest rates by a third to ensure the UK has “the most competitive export finance in Europe.”
With British exports growing, and combined exports to Brazil, India and China rising faster than our competitors, the UK economy is growing quicker than predicted. In fact, we’re now growing faster than Germany, Japan and the USA meaning there’s no major advanced economy in the world growing faster than Britain today. These figures mean the British economy will be £16bn stronger than predicted four years ago.
Commenting on the announcements, DHL Express UK CEO Phil Couchman said: “It feels like this is a Budget for Brand Britain. Exporting has taken its rightful place as a central pillar in this government’s economic strategy. Its commitment to doubling financial support will obviously be a boost to start-ups nervous about the financial risks of exploring new markets. In addition to financial support, we’re also encouraged by the recognition of regional businesses and the infrastructure they need to succeed in other markets.”
If you’re inspired by George Osborne’s announcements and are thinking of going global, our small business export advisors are here to help. Just call 0844 248 0675 to speak to someone today, or alternatively get in touch via our page here.
To read the Budget 2014 announcements in full, click here.