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Budget - Lord Davies welcomes 10 million boost in budget for trade

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Issued 22 APRIL 2009

UK Trade & Investment Minister Lord Davies of Abersoch welcomed an extra boost of 10 million announced in the budget today that will help UK businesses to export so that they are better-placed once the downturn ends.

Lord Davies said:

"This is a budget for business and a budget for trade. UK companies that take the strategic decision to export can prosper in a global marketplace. Firms that take up this help will be better positioned to grow when the world economy picks up."

The extra 10 million will target UK firms with a high potential for growth and top inward investors through UK Trade & Investment (UKTI) - the government's international business development organisation. The additional funding, which will be spent over the next two financial years, represents an additional 5 per cent on top of UKTI's current annual programme budget of 91 million.

Lord Davies added:

"This money will be well spent. Independent research shows that every 1 spent by UK Trade & Investment generates 16 in benefit for the UK economy. We have helped 20,700 firms generate 3.6 billion in one year.

"What's exciting about this new funding is that we can use it to help British businesses in areas where there is significant growth potential. We want to reach out to high potential firms - leaders in their fields that may be well-established in the UK but have not yet considered an international presence.

"We will also target the top investors from abroad, bringing them to the UK to showcase the excellence we have to offer and the strategic advantages of locating in the UK."

The funding was announced as part of a new 750 million Strategic Investment Fund that will deliver Building Britain's Future - New Industry, New Jobs, a strategic vision for Britain's economic recovery published by the Department for Business, Enterprise and Regulatory Reform (BERR) this week.

In addition to the 10 million announced today, UKTI will have access to this Strategic Investment Fund to deliver the international dimensions of the strategy, which identifies exports as an area for immediate action.

The strategy notes that growing populations, expanding middle classes in emerging economies, rising prosperity, new technologies, the green revolution and the transition to low carbon all represent huge opportunities for UK business.

It also discusses enhancing the role of the Export Credits Guarantee Department (ECGD) in supporting UK exporters, working in partnership with UKTI and other Government Departments.

Acting UKTI Chief Executive Dominic Jermey welcomed the new UKTI funding which will be targeted at parts of the economy highlighted in New Industry, New Jobs. These include low carbon, the digital economy, life sciences, advanced manufacturing and professional and financial services.

"By helping companies to export, we're helping them to become more innovative, more competitive and more resilient. The new funds for UKTI announced today are an investment in Britain's future prosperity," he said.

Notes 

1. UK Trade & Investment is the lead government organisation supporting UK companies looking to develop international business. It also supports overseas companies wishing to invest in the UK. UK Trade & Investment has a wide range of services, backed-up by a network of trade advisors worldwide who can provide market intelligence, advice on regulations, sales leads, and financial and practical support http://www.uktradeinvest.gov.uk.

2. For more information on Building Britain's Future - New Industry, New Jobs, a strategic plan to invest in Britain's economic and industrial future, please visit the BERR website on the following link: http://www.berr.gov.uk/.


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Crown Copyright. Material taken from UK Trade & Investment. Reproduced under the terms and conditions of the Click-Use Licence.


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Article Published/Sorted/Amended on Scopulus 2009-04-23 12:13:26 in Economic Articles

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