A new report from business lobby group The Institute of Directors (IoD) shows that 42 per cent of firms expect their exports to grow over the next year. The business confidence boost appears to have been fuelled by a series of free trade agreements (FTA) struck with Australia and New Zealand, with the government finalising additional agreements with India and Canada in the coming months.
Despite a diplomatic push, the UK has yet to establish a deal with the USA, seen as key step towards strengthening the country’s trade exports following the departure from the EU.
The data showed that Brexit has ‘railroaded’ nearly half of companies towards boosting export activity. The survey showed that higher costs and stricter custom controls have resulted in 42 per cent of IoD members’ trade with EU countries falling.
Emma Rowland, policy advisor at the IoD, said, “New markets are being opened up as the government signs trade deals across the globe, and the digitisation of trade processes will help to reduce friction at the border,”
Fintech entrepreneur Khalid Talukder, co-founder for financial services firm, DKK Partners, said, “The British bulldog spirit remains strong, despite soaring inflation, rising interest rates and sustained political uncertainty. Following the stagnation of the Covid years, it’s encouraging to see so many UK companies boosting exports and international expansion plans.”