Help for UK businesses trading abroad
Carl Hasty, director of international money transfer specialist Smart Currency Business, has commented on the growth of the UK economy.
He said: “The landscape is vastly different now from what it was a year ago, and the UK economy is now thriving, particularly against those of the US and the eurozone.
“This growth can partly be attributed to global opportunities. I work with companies who have seen their businesses grow due to activity both at home and abroad. Most businesses may be able to profit from considering if they are ready to start trading internationally – or, if they are already doing so, from expanding their efforts.
“Businesses that don’t know how or where to start should turn to government organisations like United Kingdom Trade & Investment. Its many functions include services that can help UK companies identify sales leads, business opportunities for overseas contracts and tenders, and high-value opportunities.
“UKTI reports that it has helped thousands of businesses to date, with 9,000 business opportunities that have brought in an estimated £1bn plus in benefit to UK businesses.
“Currency exchange fluctuations can also have a detrimental effect on profits, as was recently reported by Inditex, the retail group that owns fashion labels like Zara. Businesses should be aware of this and actively seek solutions to protect themselves from the costs and risks posed by fluctuating currency markets.”