UK officials this week announced a new $ 1tn annual expenditure by 2030, although previous Conservative governments failed to achieve the same by 2020.
The repatriated exports are part of Prime Minister Boris Johnson’s plans to revitalize Britain’s Brexit export strategy, which will be launched in London on International Trade Week. The trade event, which begins on Monday, is the first since the UK left the EU market alone, making it even more important, say officials involved in the planning process.
Johnson is being pressured to highlight the benefits of leaving the EU, which will allow Britain to start doing free trade directly with other countries. Many companies are worried that they will get more and red money for leaving the bloc, instead of seeing any profit.
A new “UK-based, global-based campaign” will be launched along with a variety of ways to promote foreign trade by providing financial assistance, such as export loans and access to expertise and advice. Small businesses are expected to receive financial assistance to attend trade fairs, conferences and exhibitions.
“This is the first time that we have had a plan to export from the EU,” said a UK trade official, who pointed out that about 10 percent of British exports were supporting 6.5m jobs in the UK. “Increasing exports will help Britain rise,” the official added.
In 2012 former prime minister David Cameron promised to achieve a £ 1tn export target by 2020. The promise was also reflected in the Conservative Party’s 2015 manifesto.
Other targets set this week include a change in export export certification to allow UK Export Finance, a state-owned export agency, to repay large-scale debt to foreign or domestic companies wishing to start exporting from the UK. Officials hope this will bring foreign exchange to the UK, as well as boost global interest among domestic companies.
UKEF will also increase the repayment period from 5 to 10 years for “green” suppliers to boost the carbon footprint in the UK and encourage faster export growth.
Emily Thornberry, a shadow trade secretary, urged the government to return to its £ 1tn exports at a Labor party meeting in September.
“Improving our trade with Europe should be crucial,” he said. “That goal will not be achieved unless the government removes its head in the sand, repairs holes in its Brexit deal, and helps exporters resume their trade with the largest market in the UK.”
According to the Office for National Statistics, 2019 was a significant year for exports to the UK, goods and services exported by 5 per cent compared to 2018, and exports to non-EU countries rose 13.6 per cent immediately.