This week, UK ministers are set to announce a new £1 trillion annual export target in an effort to highlight the advantages of leaving the European Union.
Politicians will have the opportunity to flex Britain’s muscles outside of the single market at a trade summit this week in London, with a new “made in the UK, sold to the world” campaign to be launched alongside numerous efforts to encourage overseas trade.
Small firms are expected to receive financial assistance in the form of export-linked loans and access to knowledge and advice, as well as financial assistance to attend trade shows, conferences, and exhibitions.
The revised international sales objective, which is projected to be met by 2030, is part of Prime Minister Boris Johnson’s aim to reform the UK’s post-Brexit export strategy, assisting the country in “leveling up” by increasing cross-border trade.
However, David Cameron promised the same export target in 2012, with the goal of meeting it by 2020! The commitment was also included in the Conservative Party’s 2015 manifesto.
However, before the coronavirus pandemic, the UK only managed to grow overseas sales to £689 billion by 2019. Only by repairing the UK’s commerce with Europe will the government be able to meet that goal.