Chartered Institute of Export & International Trade director general, Marco Forgione, responds to UK chancellor Rachel Reeves budget speech yesterday (26 November):
"When I wrote to the chancellor last month, I asked her to ensure that the budget protected the exporting community – and particularly SMEs - upon whose shoulders long-term growth potential is carried.
"It was good to hear her strong commitment to open trade and her praise for recent trade deals. Furthermore, reflecting on our call to the chancellor for investment to close the gap on skills shortages which plague international trade supply chains, it is encouraging to see that there will be fully funded SME apprenticeships for eligible people under 25.
"There were clearly missed opportunities in this Budget to go further in backing UK exporters, with a marked lack of additional export support funding beyond what has already been announced this year.
Given the Office for Budget Responsibility expects global trade growth to slow from 3.7% in 2024 to 2.3% in 2026 and for there to be ongoing ‘weak growth’, now would have been an opportune moment to double down on supporting exporters.
"However, the removal of customs duty relief for low value imports, by March 2029 latest, is a positive move. It is important that we work together with logistics firms and border officials to get this transition right and the Chartered Institute will be engaging with the upcoming consultation on new customs arrangements.
"The UK internal market package to boost trade between Northern Ireland and Great Britain with a ‘one stop shop’ support service to help businesses navigate the Windsor Framework is especially timely for our members in Northern Ireland, who will be able to better take advantage of access to both UK and EU markets.
"We look forward to supporting this endeavour and, indeed, we will continue to engage with the UK Government on all avenues of support for UK exporting businesses. The only way we can stimulate sustained and long-term growth in the UK economy is by supporting more businesses to export."
