The Institute of Directors (IoD) has responded to an invitation from the Government to put forward its views regarding the development of the forthcoming trade strategy.
Available HERE, the input document reports that IoD members feel constrained by the exporting environment in that they do not have the necessary resources, and are deterred by trade barriers.
With UK–EU trade still hampered by Brexit-related trade frictions, many smaller businesses have stopped exporting altogether.
Furthermore, with a majority arguing that there is sufficient demand in the UK, there is a perception that international exports are not, in fact, necessary to drive growth.
As exports to the United States and China accounted for 22% and 4% of UK exports in 2023, respectively, and with the EU still being, by some distance, the UK’s primary trading partner (41%), the Institute argues that the Government should focus much of its trade promotion activity on Europe.
It is calling for a chained-volume target of £900 billion of exports in 2019 prices by 2030, with a second target of 15% of all businesses exporting either goods or services by that date.
The report emphasises the importance of restarting plans for the implementation of the Single Trade Window, with the platform used to produce regular reports based on data collection to inform future developments of the technology in line with business needs.
It warns that UK businesses are being squeezed out of the EU by European firms which are not constrained by regulation, administration or extra costs.
