British businesses are exporting more goods than ever before, helping to create more jobs, attract more investment and grow our economy. UK exports reached a record high in 2018 and have continued to rise since. In the 12 months to May 2019, exports totalled £647.1 billion – tens of billions more than last year.
The UK’s success comes from both large and small businesses in Britain selling their goods and services abroad. This means a stronger economy and more well-paying jobs. Read below for all the different ways we are helping businesses export around the world.
1. The UK Export Strategy is Boosting British Business
In 2018, we launched an Export Strategy to help British businesses by supporting and connecting companies so that they can grow, are more productive and can create more, better-paid jobs.
Last year, we learned that 400,000 extra businesses wanted to export their goods – but needed some support. This is at a time where demand for British expertise and goods overseas is growing.
Our Export Strategy will build on Britain’s successes as a great exporting nation, with a long-term ambition to boost British exports as a proportion of GDP to 35%. We’re doing this by working with, encouraging, and supporting small businesses to take on the challenges and opportunities of international trade, as well as providing practical advice on how to export goods through new measures like great.gov.uk, the UK’s digital platform for domestic businesses.
We’re also connecting British businesses with overseas buyers and markets directly, making connections that UK firms can take advantage of. By leveraging our financial sector, too, we are helping businesses win contracts abroad and access new markets.
Our export policy takes Britain’s strengths on the global stage and puts them to work to promote our business abroad. As a result, UK exports are once again on the rise – creating jobs and growing prosperity up and down the country.
2. We’re Strengthening our Trade Relations with Growing Economies Across the World
Analysis by Santander shows that the top 10 fastest-growing importers of UK goods were predominantly non-European. Global trade is more and more important every year for Britain’s prosperity, and we are continuing to trade with everyone across the world.
That’s why we have worked closely to strengthen our trade relationships with rapidly growing countries like Nigeria and India to export UK goods and other non-European nations.
Deepening our trade ties with other rapidly growing countries is an important part of our exporting strategy. By strengthening our links with growing economies around the world, we are preparing the UK for a bright future outside of the European Union and helping secure prosperity in Britain.
3. We’re Supporting Direct Investment in Britain
The UK is the top destination in Europe for Foreign Direct Investment (FDI), which is crucial for creating jobs and putting more money into our communities.
The UK attracted more in the three years of 2015-2017 than Germany and France combined. And London has attracts more FDI than any other city in the world.
Recent global investment statistics show that investment into the UK increased by 20% in 2018. Figures from the United Nations show that FDI inflows rose to $122 billion in 2018. In 2018, the UK received the third highest amount of inward investment, after the United States and China.
The UK is and remains a top investment destination in the world. Thanks to British businesses and the government’s economic plan, the UK’s position in international trade remains strong.
4. Only the Conservatives can be Trusted with Britain’s International Trade
John McDonnell has made clear that ‘they know who the real enemy are … they’re the corporations’. Labour have proposed damaging policies, including raising corporation tax to 26%. This will make Britain less attractive to investors abroad and hurt business at home, risking British jobs.
Labour have also failed to protect UK jobs by voting against a Trade Remedies Authority, an institution designed to protect business from unfair trade. By voting against the creation of the Authority, Labour has yet again refused to support British businesses.
Britain’s exports have reached a record high and we are negotiating trade deals with countries across the world to secure the UK’s economic prosperity. If you would like to know more, read our article about what else we are doing to continue to improve the UK economy.