Partner Article

David Beaty of HSBC on the Budget

David Beaty, regional commercial director for HSBC in the North shares his views on yesterday’s Budget.

It was heartening to hear that yesterday’s Budget, far from being London-centric, featured significant measures to create opportunities for businesses in the North of England. From investment in train lines that will boost the connectivity of key business hubs, to significant infrastructure development, it’s clear the Government acknowledges the value of businesses across the whole of the North to the UK economy.

Yesterday’s Budget highlighted the UK’s position in the top ten most competitive places to do business in the world and the North of England is a significant contributor to this success. This is confirmed in HSBC’s Future of Business report, referencing the North as a leading regional hub for the UK’s biochemical industry and producer of world-class scientific research; key economic contributors to our country, as stated by the Chancellor.

It is also interesting to hear sectors such as renewable energy and the creative and gaming industries highlighted as future engines of growth: HSBC’s Future of Business report found both these industries are thriving in the North of England. HSBC supports the Government’s aim to double UK exports to one trillion pound this decade, the planned expansion of UK Export Finance and increased support to help smaller companies enter new markets. At HSBC we’re increasingly seeing local companies investing in their businesses as a route to further growth, often by expanding internationally for the first time, and we’re working with businesses to help understand and maximise the opportunities available. The latest HSBC ‘Global Connections’ trade forecast predicts that UK businesses will increase international business activity by around 60% over the next 15 years. Due to the critical role international trade will play in ensuring the future success of UK businesses and the wider UK economy, we recently launched the £4billion “HSBC International SME Fund” to help SME’s who trade or plan to trade internationally.

This was posted in Bdaily's Members' News section by Tom Keighley .