No export-led recovery for SMEs
Jun 09 2010
Exports waiting for take off
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Small and medium-sized enterprises are failing to take advantage of the favourable export environment.
Despite the weak pound, 91 per cent of UK SMEs expect growth to come from domestic sales not overseas business, finds a study from financial services company GE Capital.
John Jenkins, CEO of GE Capital, says: ‘Fewer [small businesses] are making the most of the export opportunities than two years ago, despite an incredibly favourable environment.’
This could spell bad news for economic growth as economists warn that an uplift in consumer spend is also unlikely.
The results come as the latest official figures showed exports fell by 0.6 per cent month-on-month in April. David Kern, chief economist at the British Chambers of Commerce (BCC), says that the weakness in the eurozone is posing serious challenges for exporters.
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