Chancellor backs British exporters to "help British businesses stay globally competitive" after EU exit

The Chancellor Philip Hammond has highlighted the significance of British exporters when it comes to the UK remaining globally competitive after leaving the European Union.

As part of his work discussing business prior to the Autumn Statement, the Chancellor hosted a roundtable debate with senior executives from some of Britain’s biggest exporters including Honda Motor Europe, GSK, Airbus Group UK, EEF the manufacturers’ organisation as well as the British Exporters Association and Scotch Whisky Association at 11 Downing Street.

British exports have more than doubled over the last 17 years, and the Chancellor made clear that Britain is an open economy. During the discussion, the Chancellor reiterated that British business’ ability to trade with EU member states will remain a priority as part of Brexit negotiations.

As well as EU remaining a major export destination, the Chancellor also used the discussions to focus on the importance of trade with non-EU countries.

In 2015, the UK exported nearly £300bn of goods and services to countries outside the EU, over half of total exports and equivalent to 15% of GDP. Since 2000, exports to China have increased by nearly seven times and more than doubled for the US.

The UK’s most successful exports include financial services (3.5% of GDP in 2015) machinery (3.3% of GDP), vehicles (2.4% of GDP) and pharmaceuticals (1.3% of GDP).

Philip Hammond, the Chancellor of the Exchequer, said: “Britain has always been a great trading nation. We must do everything we can to help British businesses stay globally competitive as we prepare to thrive outside the EU.

“That means reminding the world that Britain is open for business and is committed to building strong trade and investment ties with key partners beyond the EU including China and the US.

“UK exports are currently worth more than £500 billion a year. We export more goods and services to countries outside the EU now, than to those in the Union. It is vital we continue to build on this progress by strengthening our trade with markets around the world.”

Paul Kahn, president and CEO of Airbus Group UK, commented: “International trade is vital for the continued success of the UK economy, and I’m encouraged that the Chancellor is giving British industry the opportunity to discuss our thoughts on how we trade in the future.

“The decision to leave the EU has created a time of uncertainty but – more significantly – one of opportunity for UK industry.

“The UK aerospace, space and defence sectors generate over £65 billion of turnover every year, and for this to success to continue we need a government which supports international trade promotion and inward investment, whilst minimising red tape and barriers for exports.”

Geoff de Mowbray, co-chairman of British Exporters Association, added: “UK exports are facing a challenging, but exciting, period post Brexit.

“With a strong alignment between government, Industry and Banking we have every chance of success.

“The main challenge is creating a seamless way to purchase goods and services from the UK combining origination of opportunities, aggregation of the UK supply chain, and a finance solution which matches clients requirements.”