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