Small business export growth
The UK’s start-up and scale up economy contributes £2trillion to the UK private sector, meaning an increased focus is placed on the export of goods outside of Britain’s shores, especially as we near the March deadline. So what forms our Brexit shop window? Well, the list is proudly extensive. Leading the charge are innovative technologies, such as AI and software, in addition to a diverse spectrum of sectoral output, ranging from aviation and software to FMCG and financial services. Britain’s entrepreneurial economy has always been forward facing, continually pushing the envelope of technological and traditional sector progression.
Aircraft, spacecraft and medical technology make up a large portion of Britain’s export offering. Further future facing exports in the form of analysis tools and computer processors make the UK an attractive place to do business now, and post-Brexit. The UK also exports a large amount of consumer items, such as craft beers, spirits and cosmetics that will form a crucial part of what we have to offer on the global stage.
Supporting those businesses, who are at the cutting edge of innovation in their field, is of the utmost importance. This is clearly hugely important to the Government’s future industrial strategy, with a focus for the Enterprise Investment Scheme on the ‘knowledge-intensive’ enterprises that will drive the private sector forward.
Knowledge-intensive SMEs,who require an industrial focus on research and development, will be key moving forward with the Government’s plans to grow the tech industry. This is reflected in the increased EIS limit for knowledge-intensive companies of £2million per year, this change has been introduced to provide further encouragement to investors to support IP-rich businesses.
Ensuring the UK’s investor community supports those businesses – at the cutting edge of innovation in their field – is of the utmost importance. Building Brexit resilience has been a keen topic of discussion for the investment community, and the new business attitudes announced last week, displays a robust and ambitious private sector, destined for success in and out of the European Union.