12 Mar The UK’s Export Economy Increases in Strength
Good news is often few and far between, but the latest report regarding UK exports should give us all cause to rejoice.
According to a study by Heathrow Airport and the Centre for Economics and Business Research (CEBR), UK exports are at their strongest position since 2000. This is despite the economic ripples caused by the decision to leave the European Union.
Non-EU export goods saw a 150 per cent increase in value, with £48.9 billion of those exports passing through Heathrow.
The welcome news is an indicator that consumer confidence among the UK’s trading partners across the world, is on the rise. This, in part, is a result of the spending drives undertaken in economies enjoying steady growth, such as the US and China.
The increased strength of the UK’s export economy comes in the wake of last month’s news regarding the UK’s financial and professional services exports. These hit a record-breaking high in 2016, making a stellar leap from £82.6 billion to £95.7 billion, an increase of 15.8 per cent.
John Holland-Kaye, Heathrow’s chief executive, congratulated the UK’s renewed export strength but also had this to say: “Now, more than ever, the UK needs to secure its status as an outward-looking global trading nation. It is clear that Heathrow is essential to trade outside the EU, but as we continue to operate at capacity, we will jeopardise new routes and trade with the rest of the world.
“True transformative change to our flight network – and consequently the UK’s export climate – will only be achieved through our expansion so we can connect all corners of the UK to the growing markets of the world.”