The Budget 2015: Government doubles UKTI support for firms exporting to China
3 min read
18 March 2015
In an effort to back businesses which are growing through exports, chancellor George Osborne has given UK Trade & Investment (UKTI) more money to back those firms engaging with China.
The coalition government set the UK a target of doubling UK exports to £1tn by 2020, a figure described as probably not achievable by the British Chambers of Commerce (BCC) in 2014.
However, in his last Budget speech before the 7 May general election, Osborne pledged to better support UKTI, an organisation which provides finance and assistance for businesses engaging with international markets.
Earlier in March it was announced that more than 3,000 medium-sized businesses were exporting due to UKTI support.
In his address to the House of Commons, Osborne said: “Today I am again increasing UKTI’s resources to double the support for British exporters to China.”
Read more on the Budget 2015:
- George Osborne scraps tax return for individuals and businesses
- Business leaders make their Budget 2015 requests
- What won’t be in the 2015 Budget
One such business which has received support from the UKTI when it comes to dealing with China is Tangle Teezer founder Shaun Pulfrey.
He said: “From the CBBC seminars and UKTI briefings that we attended and our own research we were certain that there was incredible scope for selling to the emerging Chinese consumer.
“The question was how to tap into that potential, without making a huge investment. It was a lovely surprise to find the TMall representatives at the UKTI event. They assured us that they were committed to protecting the IP of brands they sell, and told us that their international brands department would guide us through the process of setting up a Tangle Teezer official store on the website.”
The CBBC is the trade delivery partner in China for UKTI. Between them, the two organisations help businesses build a contacts network, carry out research, attend trade fairs and missions, and promote goods and services in the Chinese market.
On the subject of British manufactures, and the growth being seen by the sector, Osborne added: “Britain’s manufacturing output has grown more than four-and-a-half times faster than it did in the entire decade before the crisis.” And over the last year, the North grew faster than the South, he says. “We are seeing a truly national recovery.”
Emma Jones, founder of small business network Enterprise Nation said: “Investing in global trade is great news and particularly China – today even home-based businesses can trade internationally via powerful platforms like alibaba.com and Etsy.com but all of this can be dramatically supercharged with helpful Government intervention, so we’d be interested to see what going to look like.
“We’re planning a trade mission to China for startup entrepreneurs later this year, so this might well have a direct impact on us.”