Barclays teams up with Whitehall in bid to boost UK exports
Barclays has agreed to a five-year partnership with the UK’s Department of International Trade, with the multinational bank tasked with helping boost British exports.
Barclays will create a “Small Business High Value Exporters Pilot programme” for British businesses and conduct a series of roundtables with the department to help provide advice on selling overseas.
The new partnership is a part of a push by international trade secretary Anne-Marie Trevelyan to increase the number of UK businesses that export overseas post-Brexit.
The latest government figures show only around one-in-ten small to medium sized UK businesses export their goods or services.
Trevelyan launched a 12-point plan in November, which included things like extending the government’s loan programme for large exporters and creating an Export Support Service to gives businesses advice.
James Binns, global head of trade and working capital at Barclays, said economic modelling showed that a “global preference for goods ‘Made in Britain’ could be worth an additional £3.5bn per annum to British firms”.
“Harnessing this untapped exporting potential is even more important when set against the aftermath of Covid and rising inflationary and cost pressures facing businesses,” he said.
“Policy makers, finance providers and export credit agencies all have a vital role to play in helping to stimulate a thriving, export-led economy, which is why we are pleased to launch this partnership with the Department for International Trade.”