Exports are falling short of David Cameron’s target of achieving £1trn a year by end of decade
Britain is falling far short of David Cameron’s target of achieving exports worth £1trn a year by the end of the decade, the Prime Minister will be warned today, as he prepares to give a major speech urging British firms to strive harder to sell overseas.
Mr Cameron, who is planning visits to India and China, will argue in his Mansion House address that the UK has to compete even more vigorously to break into lucrative export markets.
The warning comes as Vince Cable, the Business Secretary, begins Britain’s biggest ever trade mission to Russia. He is taking executives from 31 companies to Moscow, where they are preparing to sign a series of export deals.
The visit is part of Export Week, in which 5,000 businesses will take part.
However, the struggle they face to clinch foreign contracts is underlined in a new report by the think-tank Reform. It says the value of British sales overseas will need to soar at a rate of 9 per cent a year to hit the £1trn target set in last year’s Budget. Reform warns that export ambitions are low, particularly among small firms. In a survey it found that less than 3 per cent of firms with an annual turnover of up to £500,000 had sought advice on exporting during the past year.
Mr Cable said last night: “British small and medium-sized businesses are the lifeblood of our economy. Many are doing incredible things and selling their services and products abroad, but too many do not realise their global potential.”
Andrew Haldenby, the director of Reform, said: “The Government’s efforts to promote trade are a relatively unheralded UK success story. Ministers now have to deliver a stronger business environment and make greater efforts to open up new markets.”
- 1 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
Top 20 misconceptions people believe are true
Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
Nepal earthquake: More than 1,100 killed across four countries and in Mount Everest avalanche
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
£22000 - £40000 per annum: Recruitment Genius: This company is part of a Group...
£16000 - £18000 per annum: Recruitment Genius: Are you a a young, dynamic pers...
Voluntary: Cancer Research UK: We’re looking for someone to support our award ...
£70000 - £90000 per annum + bonus + car allowance + benefits: Ashdown Group: H...