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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.

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