Starting a new business? Get 40% off our accountancy services for 3 months! 😎

x

Leading business groups have called for action from the government to transform the UK into an exporter by 2016, rather than importing.

The report compiled by Ernst & Young and the Confederation of British Industry calls for net exports to increase to 2.5 percent by 2016. Exports made up 29 percent of GDP in 2010, and the report calls for an increase to 36 percent by 2016. The report highlights that Small and Medium Enterprises (SMEs) have the most growth potential.

Consequently, the CBI urges the UK to match the average percentage of SMEs who export in the EU, which is currently 25 percent, by the year 2020. Only 20 percent of UK businesses export currently. The director general of CBI, John Cridland also pointed out that the government should work with businesses to create a realistic strategy for exportation, as previously the government have produced unrealistic targets for businesses.

According to the CBI there are key sectors which have huge potential for growth, which includes construction, electrical products, high-tech and optical goods, financial services and communications. If the potential for growth was maximised, the business group has predicted that GDP could be increased by £20 billion by 2020. John Cridland said:

“The continued crisis in the Eurozone underlines just how important it is for the UK to diversify its export efforts to high growth countries. Given that we’re already playing catch up with many of our competitors, we must act now or never to target high-growth economies, leapfrog the competition and deliver our growth potential.”

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

More posts by this author
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Staff Spotlight: Rebecca Boyd, Accounts Junior

This month we spoke to Rebecca Boyd, Accounts Junior at The Accountancy Partnership! Give an overview of the duties, functions and responsibilities…

Read More

Staff Spotlight: Charlotte Hughes, Accounts Junior

This month we spoke to Charlotte Hughes, Accounts Junior at The Accountancy Partnership! Give an overview of the duties, functions and responsibilities…

Read More

February 2024 Client of the Month: CHERESHNIVSKA

This month we spoke to Iryna, CEO and Founder of CHERESHNIVSKA!  CHERESHNIVSKA | Instagram | Facebook Hey Iryna! Tell us about your business CHERESHNIVSKA…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

Call us on 020 3355 4047 if you’re not sure.