Partner Article

Government must do more to support overseas trade

The Government needs to give more support to SMEs if they are to trade overseas profitably, according to an eminent fiance expert.

In response to the BCCs report, which showed that the SME needs more funding and confidence to export outside of the Eurozone, Tony Wilson, director of Commercial Foreign Exchange at Raphaels Banks is urging the Government to address the problem.

According to Mr Wilson, there is a fundamental lack of confidence amongst SMEs about how to protect themselves from market volatility, which is preventing them from importing and exporting.

He commented: “This latest report from the BCC really demonstrates this - we have seen business performance stagnate with little prospect of improvement in exports, blamed on the uncertainty over the international situation and the Eurozone.

He is now encouraging businesses to consider ways of finding the nest exchange rates, such as switching to use a dedicated FX provider, who can offer advice on the right strategy for rach business.

Tony continued: “It is also worth considering economies outside of Europe that offer huge opportunities to UK businesses.

“It is vital that the Government works with businesses specialising in foreign exchange services to support overseas trade as part of its growth agenda.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .