There were positive signs from the FSB’s Q1 report last month
The FSB’s first quarter report shows that an increase in international trade is driving a surge in confidence among the UK’s business community, despite the rising costs of everything from rates to staff wages.
Over one in three businesses reported an increase in exports, while 30.5% of business stated some kind of export intentions over the next quarter – a record high.
It seems the effect of the weak pound on consumer spending is largely offset by the increase in export opportunities it presents. Mike Cherry, chairman of the FSB stated that “It’s hugely encouraging to see our small businesses trading more overseas, driving an exports-led recovery. We know small firms that export have higher turnovers than those who rely on the domestic market, so it’s crucial that the Government maximises cross-border trade opportunities for small firms”
Notably, access to finance was also cited by the FSB’s report as one of the most critical factors for small businesses to make the most of opportunities in the current economy. If your business is currently exporting or looking to expand overseas, we can help make the process easier with our quick, simple trade finance.
Read the FSB’s full report here.