UK Trade and Investment (UKTI) Minister Lord Davies of Abersoch welcomed an extra boost of £10 million announced in the Budget yesterday aimed at helping UK businesses to export so that they are better placed once the downturn ends.
Lord Davies said: “This is a budget for business and a budget for trade. UK companies that take the strategic decision to export can prosper in a global marketplace. Firms that take up this help will be better positioned to grow when the world economy picks up.”
The extra £10 million will target UK firms with a high potential for growth and top inward investors through UKTI – the Government’s international business development organisation. The additional funding, which will be spent over the next two financial years, represents an additional 5% on top of UKTI’s current annual programme budget of £91 million.
Lord Davies added: “This money will be well-spent. Independent research shows that every £1 spent by UK Trade & Investment generates £16 in benefit for the UK economy. We have helped 20,700 firms generate £3.6 billion in one year.
“What’s exciting about this new funding is that we can use it to help British businesses in areas where there is significant growth potential. We want to reach out to high potential firms – leaders in their fields that may be well-established in the UK but have not yet considered an international presence.”