Rebalancing of UK economy is not progressing quickly enough
09/02/10 | 11:09
Commenting on the December trade figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures show a further welcome increase in exports. However, imports have risen more strongly, the trade deficit has widened, and it is clear that the much-needed rebalancing of the economy towards export-led growth is not progressing quickly enough.
“Given the favourable international environment for British exporters, with a competitive sterling exchange rate and global growth edging up, our overall trading performance is not strong enough.
“To strengthen Britain’s international trading position, the government should back our exporters more forcefully - as many of our competitors are doing - and adopt measures aimed at ensuring that adequate trade finance is available.”
Ends
Media Contact:
Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk
Notes to Editors:
ONS: Deficit widened to £3.3bn in December 2009 - http://www.statistics.gov.uk/cci/nugget.asp?ID=199
Trade is one of the key campaign priorities for the British Chambers of Commerce. We are campaigning for the political parties to commit to policies that make it easier for businesses to move from start-up, to beginning trading, and ultimately expanding into a number of foreign markets. Working with Chambers of Commerce across the UK, we will highlight export opportunities for our manufacturing and service industries, and develop solutions to improve the UK’s trade finance, promotion and skills framework.
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