The UK needs to prepare for a more fractious era in trade with reform focusing on export growth, trade alliances, investment and economic diplomacy, regulatory reform and infrastructure. This is the conclusion of a new Global Britain report produced by the British Chambers of Commerce (BCC) which includes 26 recommendations for Government action.
Global Britain: Trade and Investment: Getting Delivery Right for the UK Economy, which can be found HERE, describes the UK as a beacon for open trade with the world.
It particularly highlights the importance of services, a sector where the UK is the second largest exporter in the world, with a trade surplus of £173 billion. The UK is also the second largest inward investment destination in Europe.
The recommendations in the report include:
- revitalising the UK’s economic diplomacy to secure better trade outcomes
- boosting export support for businesses and making more effective use of current trade deals
- improving trade finance access and digitalisation
- building global alliances to improve supply chain security.
BCC President, Martha Lane Fox, said:“The UK has a long history as a convener and consensus builder in trade alliances. And while the months ahead might prove difficult, we must not lose sight of the prize that keeping the global trade system as open as possible will bring”.
The Government must look closely at the level of export support it offers to business, Ms Lane Fox concluded.
