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EY and the CBI: a joint study

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New report reveals exports strategy to boost UK economy by £20bn by 2020

Our joint report with the CBI Winning overseas: Boosting business export performance reveals a new exports strategy which could give the UK economy a £20 billion lift by 2020.

Our motivation for undertaking this report is simple. Business investment and exports will be the dual drivers of future growth – necessary to lift the UK from the worst economic crisis in living memory.

Why the UK must act

  • From 2000 to 2010, the UK’s share of global exports fell from 5.3% to 4.1% while Germany’s share increased from 8.9% to 9.3%
  • Just 4% of the UK’s exports go to the high-growth BRIC economies, compared with 11% of German and US exports
  • The IMF predicts GDP growth to 2016 to average just 2.8% and 1.4% in the US and Germany respectively – two of our biggest export markets
  • Only 1 in 5 SMEs in the UK currently exports compared to an average of 1 in 4 across the EU
  • Had the UK managed to target its exports towards high-growth markets over the last decade, it could have boosted GDP by 1% or £15bn by 2010.

The potential opportunities

  • Consumer spending growth in the BRIC economies is expected to average 13.5% per year in value terms in the coming decade
  • The IMF predicts annual GDP growth to 2016 to average 9.4% and 8.0% in China and India respectively
  • The UK is ranked 10th in the World Economic Forum’s Global Competitiveness Report
  • Over the next decade, both UK exports of construction services and electronic goods could achieve over 10% average annual growth
  • Re-orientating the UK’s exports towards higher growth markets could be worth a boost of 1.5% or £20bn to GDP by 2020.

Winning overseas: boosting business export performance Read a summary of Winning overseas 700K, November 2011

For a full copy of the report, please complete our online form.

 


The CBI/EY five point plan to grow UK business overseas:

  1. Government must set a high bar to meet export performance through a 2020 national exports strategy
  2. Government must provide the right policy framework to boost businesses’ export capability
  3. UKTI must adopt a greater commercial focus to better support UK business
  4. CBI will take the lead in supporting UK businesses entering new markets
  5. Business and government must work together to increase the availability of export finance

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To further explore how EY can help you with your export strategy please contact Email Ed Hudson on +44 [0]20 7951 4816.

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