British exporters need the UK to sign more trade deals if they are to trade their way back to profitability following the double whammy of Brexit and the Covid-19 pandemic, according to new data from HSBC. In a recent survey of 1,000 UK businesses, conducted by polling firm YouGov in January for HSBC UK, 62% say that free trade agreements will be important to growing profits in the future, while just over a third say that they would want a trade deal to be in place before they would consider a new overseas market. “The end of the transition period coupled with the third national lockdown has presented a challenging start to the year for businesses who are desperate to start executing strategies to recover,” says Ian Tandy, head of international trade for HSBC UK. “The message from businesses is that government needs to continue to deliver trade deals with new markets to help firms reach their growth targets through 2021 and beyond.” The UK is yet to replace all of the free trade deals it was an automatic party to via its membership of the EU. While the deal it signed with Japan was lauded by British businesses for… continue reading
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Source: CTRM Center