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Manufacturers worried about global tensions amid new Export Strategy

The government has published a new Export Strategy to support businesses post-Brexit, with research showing that confidence amongst exporters has been dented by international tensions.

The new strategy will mobilise up to £50 billion worth of finance to encourage 400,000 businesses with export potential to take the jump.

Launching the strategy on 21 August, International Trade Secretary, Liam Fox, said:

“The United Kingdom is a great exporting nation and our exporters lead the way, in creating jobs, raising wages and growing our economy.

“As we leave the EU, we must set our sights high and that is just what this Export Strategy will help us achieve.”

The UK economy experienced record export figures in the first half of 2018. However, according to a survey of more than 200 companies by Lloyds Bank, uncertainty around Brexit is seen as the biggest challenge facing manufacturers, partly due to increasing speculation about a ‘no-deal’ scenario.

The government has started publishing a range of no-deal technical notices to outline what could happen to different sectors in the event of a no-deal Brexit.

More than half of respondents also feared the ripple effect of an unfolding trade war between the US and China.

Dave Atkinson, Head of UK Manufacturing at Lloyds Bank Commercial Banking, said the findings were a “reminder that exporters must closely monitor geopolitical tensions”.

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