Corporate foreign exchange news
SMEs 'need to compete in the global market'
Monday, 16 May 2011 09:13:12 GMT

Published by Jamie JemmesonSmall businesses need to make the most of export markets, and the government can help in this effort, an expert has argued.Speaking on the BBC's Wake Up To Money show, Lord Digby Jones, former minister of state for UK Trade and Investment and former director-general of the CBI, said the government is working to encourage export growth.He noted that the help currently offered to small businesses adds around £6 billion to the economy."For a pound that you or I invest in UK trade investment - which is our taxes - the pound that we put in gets about £19 back for the economy. If anybody listening to this thinks 'Does my job depend on export?' you bet it does," he said.A weaker pound on the foreign exchange market also helps exporters, as UK goods appear cheaper to foreign buyers.Lord Jones added that the country is not attracting as much foreign investment as it could, due in part to the perception that there is higher regulation and taxation.For more information on international payments, visit our Smart FX site



