The North & Western Lancashire Chamber of Commerce is calling on the government to focus on boosting international trade if it wants to hit its £1tn target.
It comes as the latest Lancashire Quarterly Economic Survey – carried out by the Chamber in association with county businesses – saw over half report no change in export sales over the last three months, while 27% reported a decrease.
This reflects the national statistics released by the British Chambers of Commerce (BCC) which released their findings today.
Boosting exports is key to the UK’s future economic prosperity, but many firms are still facing issues relating to Brexit trade agreements, inflationary pressures and a restructuring of global supply chains following the COVID-19 pandemic.
To support its findings, the BCC has revised its Trade Manifesto which sets out a comprehensive list of steps to get more UK businesses involved in international trade.
The manifesto sets out a number of key proposals including establishing an Exports Council to focus on the UK’s services, green, life sciences and advanced manufacturing exports; raising digital trade to 60% by the end of the decade; earmarking additional dedicated UK export finance for green trade and reaching an agreement between the EU and UK on electric vehicles.
Babs Murphy, chief executive of the NWLCC, said: “Our most recent economic survey shows how stagnant international trade has become over recent months.
“The ongoing issues with Brexit and the rise of inflation are causing many businesses in Lancashire a headache and the government needs to find a solution before it gets worse.
“Firms that trade overseas have the potential to grow faster, pay better and are more resilient and there are many examples of this in Lancashire. If we want to remain one of the world’s largest economies, we cannot afford to slip further behind countries which fare better when it comes to international trade.
“Working alongside the BCC, we also need the government to put in place framework that makes use of all the advantages Lancashire and the UK has, to keep our economy ahead of others.”
