UK needs to improve global export performance, says British Chambers of Commerce

LONDON

The UK “quickly needs” to make a greater effort and catch up with its international partners on export performance, said an official from the British Chambers of Commerce on Friday.

“It is a key element to raising the economic growth so desperately sought by policymakers and businesses alike,” said William Bain, head of trade policy at the British Chambers of Commerce (BCC), in a statement following an announcement of British GDP growth.

Touching on the 3.9% fall in the country’s momentum of export services in the second quarter, Bain said “unfortunately” this was also coupled with a further fall in UK goods exports to the EU market.

“What is really needed now is a greater effort to bring more consistency to our export performance,” he added.

The British economy saw 0.2% growth in the year's second quarter, beating economists’ expectations of zero growth, according to official figures released on Friday by the Office for National Statistics (ONS).

“This is good news,” said Premier Rishi Sunak on today’s figure, adding that there’s still more work to do, “but today’s figures show the plan is working.”

“We’re laying the foundations for a strong economy, and once we get inflation down, we’ll see the fruits of that,” Chancellor of the Exchequer Jeremy Hunt wrote on X, formerly Twitter.

Citing the IMF, he said the UK will grow faster than France, Germany and Italy in the coming years.

But Shadow Chancellor of the Exchequer Rachel Reeves said GDP figures showed that growth in the economy “is still on the floor.”

“Thirteen years of Tory economic mismanagement has left Britain worse off and trapped in a low growth, high tax cycle,” said Reeves, Labour MP for Leeds West.