Kevin Smith, Regional Chairman for KPMG in London and specialist in international trade, comments on the latest ONS Trade Figures.
Commenting on the latest ONS Trade Figures, Kevin Smith, Regional Chairman for KPMG in London and specialist in international trade said:
“During the current uncertainty there will be businesses who are tempted to lower their export expectations, choosing to look more inward than outward, but I would expect our exporting performance to improve as businesses get greater clarity on the direction and timing of future trade negotiations.”
“As it is still unclear what impact the recent interest rate cut will have on consumer confidence, businesses (particularly our SME community), need to ensure that they are not over-reliant on domestic consumer spending to boost growth and that they consider international markets and overseas trade as part of their growth strategy. The need and desire for British goods and services is still there and with the increase in tourism linked to the weak pound, more overseas visitors than ever may be exposed to UK consumer goods – hopefully they will get a taste for these when they return home!!”
“Now is the perfect time for businesses to start looking at the opportunities presented by huge growing consumer markets in places such as India, Africa and China (in additional to more traditional markets such as the EU and US) as the opportunity presented by Brexit enables Britain to open up to new trading partners - trading agreements in some cases could bring current tariffs down. Britain's status as a provider of services to both Europe and the rest of the world has expanded exponentially in recent years, particularly for legal and consulting services, none of which are covered by existing trade agreements and I would expect this to continue in this new post Brexit environment.”
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 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.