Wednesday, February 15, 2017
Budget 2104 Trade Mission and Inward Investment
London Southside Chamber of Commerce (LSCC) welcomes the emphasis on Export and Inward Investment placed by the Government in this week's budget.
We are particularly pleased to see its stated intention to ensure that UK businesses are able to take full advantage of new global opportunities by offering the best export finance in Europe - doubling the UK's direct lending programme to £3 billion, cutting the interest rates and reducing the cost of long-distance flights for exporters and visitors to the UK by abolishing two tax bands.
It is interesting to see that exports to countries outside the EU have 23% since 2010 and January 2014 saw the fastest growth in export orders in nearly 3 years. UK Trade & Investment (UKTI) has played a major role in this and has helped almost 66,000 businesses to export and UK Export Finance has delivered record levels of financial support to British businesses.
LSCC already works very closely with UKTI and, since 2001, has regularly run 3 Trade Missions every year to European and other destinations including Africa, South America, China and the Far East.
As a result of these visits, very many London based companies, particularly SMEs, have won valuable contracts abroad.
Now, given the government's very welcome emphasis on exports and inward investment, we intend to consolidate and expand our work in this field and are, for example, already planning a return visit in September to Malaysia, following the very successful Trade Mission we ran there in February this year.