Budget 2014 set to boost UK exports

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When George Osborne announced this year’s Budget earlier this week, there was no doubt that it had been conceived against a very different economic backdrop than that of 2013. The economy of 2014 is already showing significant signs of recovery, growth forecasts are improving and business confidence is increasing.

There’s still some way to go to reach full economic recovery, of course, and the Budget’s key messages for businesses to ‘export more, build more, invest more and manufacture more’ clearly highlight the government’s intention to improve the UK’s position on the global economic stage.

With aims for UK exports to reach £1 trillion by 2020 and for 100,000 more UK companies to be exporting by 2020, the Budget outlined how the government intends to achieve these targets and create a more competitive UK economy:

  • Double the UK Export Finance (UKEF) direct lending programme to £3bn and significantly drive down associated interest rates to provide competitive financing for UK firms to win contracts and expand overseas. The government will also work in partnership with banks to ensure that SMEs will benefit from this new tranche of financing.
  • Become more proactive in supporting UK businesses wanting to expand globally. This will include supporting for the first time exporters of intangible services and UK-based supply chains of multinationals by expanding the remit of UKEF.
  • Reduce the cost of long-distance flights for exporters and visitors to the UK by abolishing two tax bands. This will help businesses strengthen links with high growth markets such as China, India and Brazil.
  • Expand the Global Entrepreneur Programme – UK Trade & Investment will be given £1.2 million in 2014-15 and £1.2 million in 2015-16 to widen the programme to the UK regions and double the numbers of overseas entrepreneurs that it targets.

With an increased push for UK businesses to ‘go global’, business owners need to think carefully about how to approach their international expansion plans and successfully market their product or service to customers in their target markets. This is where translation and localisation comes into play.

Effective communication is crucial to successful overseas business endeavours. You are four times more likely to make a sale if you conduct business in the native language of your potential customers. With odds like those, it’s definitely worth translating your company website, brochures, marketing materials and product packaging to ensure your key messages are fully accessible and comprehensible to your target audience. An arsenal of impressive translated content can position your product or service head and shoulders above the competition, ensuring you make a lasting impression and secure sales success in your market of choice.

Comtec Translations has over 30 years’ experience of helping UK businesses of all sizes and sectors to launch their brands, products and services into new international markets by providing high quality translation and localisation services. With specialist mother-tongue translators, rigorous quality procedures, top-notch translation memory software and extensive knowledge of working internationally, Comtec offers tailored solutions to fully support your individual expansion strategy.

To learn more about Comtec’s translation and localisation services or to get a free quote please contact a member of the customer services team on + 44 (0) 1926 335 681 or email info@comtectranslations.com.

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