United Kingdom

Details

  • Service: Tax, Budget 2014
  • Type: Press release
  • Date: 19/03/2014

Budget 2014: Export finance important boost for business 

Wednesday 19th March 2014

 

Commenting on today’s announcement in the Budget that the government will double the amount of lending for exports to £3bn, whilst cutting interest rates on this lending by a third, Simon Collins, UK Chairman of KPMG, said: “Embedding sustainable growth in the UK economy is threatened by an over-reliance on UK consumption.  We must do what we can to enable British business to tap into overseas markets through international corridors to high growth countries such as India and China.

 

The announced changes to air passenger duty and support for our regional airports will help but improving access to export finance will be fundamentally important. Many other countries, which the UK competes with for global trade, have far better export finance schemes, which put their local businesses at an advantage.  The review of the Export Finance Scheme could lead to a sea change in the competitive position of the UK’s export finance; allowing UK businesses to win a larger market share as a direct result.”

 

Jeremy Barker, corporate finance director, added: “Today’s announcement has the potential to close the international competitive gap by overhauling the existing system, which is, in its current state, an option of last resort.  This review could fundamentally change the status quo, making it more attractive to arrangers of finance and, most importantly, making it readily available for UK exporters of all sizes who would like to offer overseas buyers more competitive payment terms.”

 

 -Ends-

 

 

Follow us on twitter: @kpmguk #budget2014

 

www.kpmg.com/uk/budget2014

 

For further information please contact:

 

KPMG Press office

 

Tel:  +44 (0) 207 694 8773

 

Katy Broomhead, KPMG Corporate Communications

 

Mobile: 07824 537963

 

katy.broomhead@kpmg.co.uk

 

About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

 

Share this

Share this

Contact Us

MEDIA HOTLINE 020 7694 8773

Follow us on twitter Follow us on Twitter

 

Katy Broomhead

Katy Broomhead

PR Manager - Transactions, Restructuring & the North West Region

KPMG in the UK

0161 246 4623 / 07824 537963

Email Katy