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Will sterling’s rise harm the UK’s exporters?

by Helen Harjak on Jul 17, 2014 at 00:01

Not everyone is feeling pessimistic, however. The next international push is predicted from small and medium-sized companies, a move that is also backed by the UK government with an increase in the amount of public funding, announced in the March 2014 Budget.

According to research from Clydesdale and Yorkshire Banks, the amount of products and services sold overseas by the UK’s small and medium-sized enterprises is set to increase in the next year. Over the next 12 months, the expectation is that overseas sales will grow to 24% of turnover, or equivalent to around £15 billion.

The survey stated that around a third (34%) of businesses said they were more likely to start exporting or increase their sales to overseas customers in the next 12 months.

Manufacturing businesses were the most bullish about their exporting prospects, with two-thirds of UK manufacturers expecting to start or increase overseas sales in the next year. This was followed by nearly half (48%) of IT and media companies intending to improve sales internationally.

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