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Tuesday, 9th March 2010
Following the disappointing January trade figures, published today by the ONS, the Thames Valley Chamber of Commerce Group has warned that the government must do more to support Britain’s exporters. The ONS results add weight to the recent British Chambers of Commerce (BCC) report which outlines the severe difficulties facing UK firms when securing export trade finance.
The BCC’s survey found that one in eight businesses that used trade finance had experienced problems securing it over the past year, with almost 50 per cent of companies reporting a loss of business to exporters in other countries with state backed schemes.
Commenting on this Anne White, head of international trade at the Thames Valley Chamber of Commerce Group, said: “If the government is committed to encouraging British exports as a major source of job creation and economic growth, it must resolve the problems surrounding export trade finance. Export finance supports 90 per cent of all global exports, aiding the flow of international trade by moderating risks.
“Unlike rival trading nations, such as Germany and Holland, the UK has refused to intervene over the past two years to ensure viable firms secure the export credit they need to fulfill orders; a failure that is putting British exporters at a notable disadvantage.
“With the favourable exchange rates for UK exporters, there are tangible opportunities for businesses, even in these difficult economic times; nevertheless, without an adequate state-backed export finance scheme, British businesses will continue to lose out to overseas competition.”
The Thames Valley Chamber of Commerce Group’s International Trade team can assist businesses with their export strategy, by providing practical advice and support. For more information call 01753 870560, email export@thamesvalleychamber.co.uk, or visit www.thamesvalleychamber.co.uk
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The Chamber’s International Trade Department
The International Trade team at the Thames Valley Chamber of Commerce Group provides advice and assistance to help businesses trade within the EU and across the world. For more information call 01753 870560.
About the Thames Valley Chamber of Commerce Group
The Thames Valley Chamber of Commerce Group works with businesses across Berkshire, Buckinghamshire, Oxfordshire and Wiltshire to help them achieve their full business potential through: meeting new customers; cutting costs; developing their workforce; influencing local decision makers; and arming them with business intelligence. Membership is available to all businesses.
For all press enquiries, please contact Marianne Creaney on 01753 870 518, email: mariannecreaney@thamesvalleychamber.co.uk
