Government's new UK trade strategy: Enterprise Nation's recommendations
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Posted: Mon 20th Jan 2025
At Enterprise Nation, we believe that with the right support and resources, British SMEs can thrive in international markets, driving economic growth and innovation.
The government recently ran a consultation on its new trade strategy and Enterprise Nation submitted ideas.
Our recommendations focus on reinstating the UK Tradeshow Programme, ensuring UK Export Finance (UKEF) is sufficiently resourced, championing free trade, and introducing incentives such as export tax credits or export vouchers.
Here's a summary of the recommendations in our trade strategy submission:
UK Tradeshow Programme
The previous UK Tradeshow Access Programme provided UK businesses with valuable opportunities to access international markets and showcase their products to a global audience through grants to attend tradeshows. By revamping this programme, it could become an essential platform for UK businesses to connect with potential clients in various countries, thereby increasing their brand visibility and recognition among overseas buyers.
Reinstating and enhancing the UK Tradeshow Programme (which was piloted after the closure of the UK Tradeshow Access Programme) would clearly demonstrate the UK government's commitment to supporting British businesses in their international ambitions.
UK Export Finance
Ensuring that UK Export Finance (UKEF) is sufficiently resourced to meet its target of supporting 1,000 SMEs per year by 2029 is another crucial policy recommendation.
UKEF plays a pivotal role in helping British businesses export by offering loans, guarantees, and insurance. However, evidence suggests that UKEF could enhance its support for SMEs, giving them parity of esteem with larger businesses.
Free trade
Championing free trade is essential for the success of British SMEs in the international marketplace. We urge the government to be a vocal advocate for free trade at all levels, from the G20 to the World Trade Organisation. Consistently championing free trade is crucial for negotiating new markets and improving access to existing ones, benefiting both import and export businesses.
Export tax credits and export vouchers
To incentivise exporting among small businesses, the government should consider introducing tax incentives, such as an export tax credits or export vouchers.
These incentives would allow businesses to claim a credit on any money spent in pursuit of exporting activities, reducing the financial risk firms can incur when starting their export journey.
Read more details in our full trade strategy submission
Enterprise Nation international trade resources