The government has recently launched it’s ‘Made in the UK, Sold to the World’ plan.
What is the aim of the plan?
The aim of this plan is to almost double UK exports around the world to £1 trillion per year. Last year the UK exported £600 billion in goods overseas. However, it is reported that only one in ten GB businesses currently export abroad. The UK government wants to support exporting as research conducted in 2016 found that exports support 6.5 million UK jobs and businesses that export pay higher wages. In addition, businesses that export goods are found to be 21% more productive on average. The announcement of this plan comes after Boris Johnson said he would transform the UK into a ‘high wage, high skill, high productivity economy’ at the Conservative Party conference in October.
How will this benefit businesses?
The 12-point strategy will enable businesses to access the tools they need to benefit from the free trade deals and increase the number of goods exported from the UK. This will open new opportunities for small businesses across the UK.
The 12-point strategy includes:
- An Export Support Service: An exporting helpline on selling goods and services.
- The UK Tradeshow Programme: Designed to help businesses promote their products outside of London and the South East.
- Export Academy: The academy will invite business owners and managers to business events to help them with the challenges of first-time exporting.
- The European Regional Development Fund: This fund will support 7,500 SMEs in England to export and internationalise.
To find out more about the plan please read the full government publication here
How can we help?
At Hawsons we have a dedicated team of manufacturing and engineering accountants at our offices in Sheffield, Doncaster, and Northampton.
Our specialist team offers a wide range of services which are tailored to meet your individual needs. Our understanding of the issues faced by the manufacturing and engineering businesses means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.
More from our manufacturing experts
You can find all of our latest manufacturing sector news and newsletters here.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.
Free initial meeting
Senior Partner, Sheffield
A recent industry survey has shown that many UK manufacturers are optimistic that productivity and business conditions will improve in 2022. Despite the fact that many UK manufacturers will be facing many challenges such as: Retaining staff Inflation Rising input...
The Chancellor announced in the Autumn Budget an extension of the temporary increase in the Annual Investment Allowance (AIA) to 31 March 2023. Most corporate and unincorporated businesses are able to utilise the AIA to claim 100% tax relief on their qualifying...
Budget 2021 The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to "build back better" with ambitions to level up and reduce regional inequality. Main Budget proposals Tax measures include: a new temporary...