Lloyds Banking - The Future of the UK and Europe July 2017 Report
Lloyds Banking have released their Commercial Banking July 2017 report on The Future of the UK and Europe, with a focus on how UK businesses are reacting the the UK leaving the EU a year after the vote that resulted in the UK breaking away.
A full chapter of the report is dedicated to ‘The Great British Export Challenge’ and breaks down the stats of where UK exports are currently exporting, where they are hoping to export in the future, and how much they have prepared for exporting in a post-Brexit reality.
The report paints a clear picture for exporters, leaving the EU poses a challenge for UK exporters and one that not all are prepared to face. According to the report, in 2016 50% of UK exports when to the EU with the next highest percentage being 34% to countries without an EU trade deal. 80% of polled exporters stated that the EU is who they hope to be trading with in the future.
However despite all of this, only 47% are reviewing their exporting strategy. On leaving the EU, setting up a trade deal with them will be a key factor in maintaining UK exports, however with other players now on the table such as the US, Canada, Asia, and non-EU countries in Europe. UK exporters need to be sure they are prepared for the exporting climate that a post-Brexit world will offer.
Download the full report here…