By Daniel Hunter
As Export Week draws to a close, the Institute of Chartered Accountants in England and Wales (ICAEW) has called for start-ups to receive extra support on exports.
The call comes as a recent survey shows that the gap between exports and domestic demand has widened, creating concerns over the economic recovery.
In order to increase exports, ICAEW calls for increased signposting of the existing support on offer to businesses, especially for those new start-ups who “think global” from the very start of trading, tax incentives for those looking to trade overseas, and a commitment to bring superfast broadband across the whole country as soon as possible, to support our home-based exporters.
Stephen Ibbotson, Director of Business at ICAEW, said: “It is clear that our exports have suffered, as the economy has become increasingly reliant on domestic demand. However, soon the benefits of low inflation and cheaper petrol will evaporate, and we will need to ensure that our exports are robust enough to cope with the pressure.
“New businesses are thinking global from the very beginning. In an online-first world, international trade is now just a click away, and the government needs to ensure that these firms have all the tools needed to thrive. At the very least, ensuring superfast broadband for all will give those starting up a decent connection.
“The new Trade Minister has an opportunity to shape our export support as soon as possible. By increasingly the visibility and availability of incentives, particularly for smaller firms, we’ll be on the right track to becoming the export-led economy we have talked about.”