Coast to Capital, the Local Enterprise Partnership for West Sussex, Brighton & Hove, Lewes, Croydon and the Gatwick Diamond has broadly welcomed the Chancellor's 2014 budget.
Reacting to the Budget statement, Ron Crank, chief executive, said: "Given the economy is now making steady progress, I am particularly pleased that the Budget has encouraged growth in business investment and taken further action to enhance UK Export Finance support."
In the Budget, UK Export Finance announced it will double investment in its Direct Lending Scheme to £3 billion, launch a consultation to boost UK exports, launch its Export Refinancing Facility next month and increase its marketing activity. Furthermore, UK Trade & Investment has announced further investment of £2.4 million to extend its Global Entrepreneur Programme to attract more of the world's fast growth businesses to the UK.
"In order for companies to thrive, we need to encourage more to trade internationally" said Ron. "Coast to Capital places international growth and entrepreneurship at its very heart. I welcome the fact that the Government has recognised the need to put additional resources into raising awareness of export finance and increasing the number of export finance advisors around the country."
There are an estimated 11,489 exporters in the Coast to Capital region and research has shown that their performance far outweighs non exporters. They generate £14.2bn for the Coast to Capital economy - equivalent to 38% of the LEP region's GVA . Additionally, it is estimated that there are 7,000 to 10,500 potential new exporters in the Coast to Capital region.
Coast to Capital also welcomed the announcement that the two highest of the four Air Passenger Duty tax bands are to be scrapped. "Aviation tax in Britain is one of the highest in the world. The international connectivity provided by London Gatwick Airport is important in facilitating international trade and the provision of local jobs", concluded Ron.
SUBSCRIBE
