BRITAIN has the potential to be a "21st century exporting superpower", Liam Fox will claim today as he outlines the UK Government's ambitions ahead of Brexit.
The International Trade Secretary, who earlier this month put the chances of a no-deal Brexit at "60-40," will detail the Government's desire to increase exports as a proportion of UK GDP from 30 to 35 per cent as it seeks to encourage more businesses to sell goods and services overseas.
Official figures released in June showed exports of UK goods and services hit a record £620 billion last year, accounting for almost a third of UK GDP.
In a speech to a business audience in London launching the Government's new export strategy, Dr Fox is expected to say: "UK businesses are superbly placed to capitalise on the rapid changes in the global economic environment and the UK has the potential to be a 21st century exporting superpower.
"As an international economic department, we are determined to support, connect and grow UK companies on the world stage through our international network.
"As we leave the EU, we must set our sights high and that is just what this export strategy will help us achieve," the Scot will declare.
The Trade Department noted how research showed that companies, which exported, had increased growth potential, were more productive and had better paid jobs.
Last year, UK exports posted a record high with £620bn of goods and services sold abroad by British companies, accounting for 30 per cent of the UK’s wealth creation.
Yet the Department estimates 400,000 businesses believe they could export but do not while demand for British expertise and goods overseas is growing.
Announcing a “new national drive to export,” Baroness Fairhead, the Trade Minister, said: “As the world’s sixth largest exporter, we do punch above our weight; however, we also punch below our potential.
“This Export Strategy sets out to change that and to increase exports as a proportion of GDP from 30 to 35 per cent, taking us from the middle of the G7 to near the top. This is ambitious but achievable,” she insisted.
Mike Cherry, the National Chairman of the Federation of Small Businesses, said the Government's export strategy was "strong on aspiration" and welcomed the commitment to increase exports as a proportion of GDP and other measures which could support small firms.
"Incentives like export vouchers and grants should be made available to small businesses to help them with upfront investment costs for things like translation services or additional market research.
"An assessment of financial incentives, including export vouchers, as mentioned in the strategy, is a step in the right direction, but we are fast running out of time,” he warned.
Mr Cherry added: "The clock is ticking. If the Government doesn't act quickly and introduce financial incentives there is a risk the current uncertainty will have a serious and detrimental impact on the growth of small businesses."
Carolyn Fairbairn, the CBI Director-General, said: "This strategy is a timely signal that the Government is committed to improving the United Kingdom's international competitiveness.
"The CBI strongly supports the ambition to make exports 35 per cent of GDP, which will put the UK out in front of many of our international competitors.”
She added: "We estimate that in every region of the country there are around 10 per cent of businesses that could export but don't and we look forward to working alongside the Government to support and inspire them to seize the opportunity."
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