The Institute of Export & International Trade (IOE&IT) and one of the UK's leading independent financial services providers, Bibby Financial Services (BFS), are delighted to announce a new partnership that will provide the UK's exporters and importers with regular updates and tools relating to international currency markets.
Currency fluctuations are among the biggest concerns of the UK's SME exporters and importers. According to BFS's ‘Trading Places' report, 67% of SMEs said they had been adversely affected by FX requirements.
With so much uncertainty around Brexit, the value of the pound continues to fluctuate regularly, impacting the bottom line of importers and exporters within the UK. It remains crucial for UK businesses - particularly SMEs - to stay on top of currency fluctuations.
Businesses need to be taking steps to mitigate the risk of a fluctuating pound cutting into their overseas international profits and affecting their international supply chain competitiveness.
The new partnership between BFS and IOE&IT will provide:
• Daily bulletins on the currency markets to members of the IOE&IT
• An online Currency Calculator tool on the IOE&IT website, which provides spot conversions for a company's immediate needs
• Thought leadership articles and presentations in the IOE&IT's ‘World Trade Matters' journal and programme of regional 'World Trade Summits'
• Regular free webinars supporting exporters and importers on how they can mitigate the impact of currency rate fluctuations
This programme of activities will be supported by BFS's world class team of FX specialists, providing a platform for UK businesses to trade confidently overseas.
Andrew Perris, UK head of FX at BFS, was delighted to say:
The impact of Brexit has been twofold for UK SMEs; more expensive imports and currency volatility. To enable businesses to take advantage of growth opportunities, we must do what we can to create a supportive environment for them to flourish. We're thrilled to be working with the IOE&IT to offer UK importers and exporters the knowledge and support they need to navigate these uncertain times and unlock the opportunities that international trade can bring.
Lesley Batchelor OBE, director general of the IOE&IT, added:
During any period, exporters and importers should be up to date with the currency fluctuations that could affect their business. With Brexit causing further movement than usual in the value of the pound, this need becomes even greater. We are therefore delighted to be working with BFS to provide our traders with the information and help they need to mitigate the significant risk around currency fluctuations at this time.
The new partnership is the latest in a series of moves from the IOE&IT to enhance its support for the UK's exporter and importer community.
Alongside its recently expanded training and education programmes, the IOE&IT has secured a succession of strategic partnerships to ensure its members have access to the information and advice needed to prepare properly for Brexit - whatever form it may take.