Exports key for UK competitiveness

CHANCELLOR George Osborne today announced targets to double the UK’s exports over the next decade.

Mr Osborne said he was committed to ensuring the UK did not fall further behind the fast emerging markets of the Far East and Latin America.

He said the UK had to increase the level of business it did with the so-called BRIC countries – Brazil, Russia, India and China – which is currently less than the total for Ireland.

“This country became seduced by large deficits and the illusion of cheap finance,” said the Chancellor in his speech.

“Do we watch as the Brazils and the Chinas, and the Indias of this world power ahead of us in the global economy; or do we have the national resolve to say: ‘No, we won’t be left behind. We want to be out in front’.”

He said since the coalition took office Britain had moved into the top 10 of the most competitive places in the world to do business.

However, there was more to be done and the aim was to grow the UK’s level of exports to £1 trillion over the next decade.

“Over the last decade, our share of world exports shrank as Germany’s grew. We sold more to Ireland than to Brazil, Russia, India and China – put together.

“That was the road to Britain’s economic irrelevance. We want to double our nation’s exports to one trillion pounds this decade,” said Mr Osborne.

“So we’re expanding UK Export Finance and setting out new plans to help smaller firms in new markets. Exports abroad must be accompanied by investment at home.”

He said Britain had a reputation as a remarkably open and welcoming place for investment but he warned “protectionist rhetoric” should not be allowed to creep into the political system.

“We’re actively seeking investment from overseas pension and sovereign wealth funds – and working to develop London as a new offshore market for the Chinese currency,” he added.