London Could Be Missing Opportunity For Export Led Recovery Warn Businesses

New research from NatWest and RBS shows Britain could be on the verge of an exporting boom. Nearly three quarters (74%) of British SMEs say now is the time to increase overseas trading but they’re not getting the help they need. The same proportion of businesses (74%) also recognise that export activity will be key to the UK’s economic recovery.

However, 60% of businesses are concerned they lack knowledge about international trade. Now those businesses have called on banks to help them overcome a number of barriers preventing them from realising exporting potential. 

Nearly two thirds (67%) of British businesses say banks could do more to help them increase export activity – with over half (59%) stating that easy access to advice from experts in overseas trade would give them more confidence in exporting abroad. Understanding the financial tools to fund export trade was also a big issue, with 67% admitting the sector is ill informed. Encouragingly, of all export markets, Western Europe presents the biggest opportunity for UK SMEs (40%) however only 15% fully understood how to trade in that market.

Peter Ibbetson, Chairman, small business, NatWest and RBS said: “If lack of education and confidence are the main reasons businesses in the capital aren’t tapping into the growth opportunities overseas - we can play our part in turning that round. Germany currently exports 41% of GDP compared to 30% in Britain*, hopefully our new export initiatives will encourage businesses to start bridging the gap“

NatWest and RBS are today taking a number of steps to make it easier for businesses to increase export activity. Both banks are offering improved access to expert advice with the introduction of a new international trade hotline. The banks are also introducing free online training courses to help businesses manage risks when trading overseas in new markets. To encourage more businesses to take the plunge, the banks will also be contacting export-ready customers to help them make the most of the opportunities ahead.

Peter Ibbetson comments: “With a presence in 40 countries and partner bank arrangements globally, we have the infrastructure, payment services and first hand market expertise to help any export-ready business trade successfully.“