New trade strategy promises '˜UK can '¨be an export superpower' after Brexit
The International Trade Secretary will unveil a target to increase exports as a proportion of UK GDP to 35 per cent. Exports of UK goods and services hit a record £620 billion last year, accounting for 30 per cent of UK GDP.
“I believe the UK has the potential to be a 21st century exporting superpower,” Mr Fox will say in a speech in London. “As we leave the EU, we must set our sights high and that is just what this export strategy will help us achieve.”
Mike Cherry, the chairman of Federation of Small Businesses, said the new strategy is “strong on aspiration”.
“An assessment of financial incentives, including export vouchers, as mentioned in the strategy, is a step in the right direction, but we are fast running out of time,” Mr Cherry said. “If the government doesn’t act quickly…the current uncertainty will have a serious impact.”
Meanwhile, Downing Street refused to be drawn on reports that it will give EU migrants living in Britain the right to remain even under a “no deal” Brexit. Leaked Cabinet papers show a plan to take the “moral high ground” by unilaterally granting 3.8 million EU nationals the right to stay.