By Jonathan Davies
Exporting 'isn't rocket science', according to director general of the British Chambers of Commerce (BCC), John Longworth.
Mr Longworth said that companies that trade internationally bring “significant bang for buck in the economy”, but he stressed that there is a shortage of firms exporting which is preventing the UK economy from achieving its full potential.
Speaking at the BCC's International Trade Conference in London today (Thursday), John Longworth said: “We know we have a trade challenge — a stubborn trade deficit, and falling global market share. It is the one area of the economy in which we are not succeeding.
“When businesses do have a go at exporting they grow, on average, 20pc more than businesses that don’t export. It’s not rocket science, but it is challenging."
He spoke after the release of the BCC's quarterly survey which found that just 16% of the 7,000 businesses surveyed reported a rise in sales from exports, compared to 30% in Q2.
The Bank of England today (Thursday) decided to keep interest rates on hold at 0.5% for another month. And the BCC director general called on the Bank to avoid an early increase, saying it would cause the economy to "sink back into mediocrity".
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