Boost business; boost exports

Weak domestic demand and the legacy of debt from the previous decade have meant that the only way our sector is going to achieve significant growth is through selling our goods and services abroad. The 30% devaluation of the pound from its peak in 2008 would traditionally have given our manufacturers a big competitive advantage in export markets. However, in recent months with events in Europe we have seen a slowing of our manufacturing sector recovery. The APMG arranged a meeting with Lord Green, minister for trade and investment, to look at the ways that we can help boost our exports. There have been some good news stories, with exports to emerging markets growing rapidly. But there is still much more that needs to be done – in particular with SMEs. If we could get 100,000 SMEs to sell overseas we could add £30 billion to the UK economy, wipe out our trade deficit and create around 100,000 jobs. To do that we need to get more information out to businesses about how to export and the support that is on offer. UKTI is already launching an initiative to help spread the message to businesses and is creating a new 'Passport to Export' which will assess companies' readiness to export, provide mentoring, give training and prepare companies for the rigours of the international marketplace. Lord Green also highlighted the new Export Enterprise Finance Guarantee which provides short-term guarantees for loans from lenders to viable SMEs seeking short-term export finance facilities. These can be anything between £25k to £1m for up to two years. We need to get the message out there that there is support for businesses that want to export. I would be interested to hear of any experiences that readers have of challenges and successes that they have had with exporting: email me at chris.white.mp@parliament.uk.