Ministers Line Up Backing For New Export Push

Ministers will unveil a fresh trade promotion drive on Monday backed by corporate giants including British Airways, HSBC and Microsoft‎, even as scepticism grows over the credibility of a £1tn Government export target.

Sky News understands that more than 20 companies and lobbying groups have signed up as sponsors of Exporting is Great, a ‎UK Trade and Investment initiative.

Their involvement will be disclosed on Monday.

The campaign will be targeted at businessowners who do not export, and has set a goal of persuading 100,000 more of them to sell their goods and services overseas by 2020.

Banks including ‎the UK's five largest high street lenders, BT, Royal Mail, Sage and Virgin have all signed up as sponsors of the project, which comes amid deep concerns about Britain's export performance.

One source said the fact that just two of the sponsors - Microsoft and Santander - were overseas-based multinationals was in itself a disappointment.

MPs on the Business, Innovation and Skills select committee recently announced an inquiry into exports and the role of UKTI, with their probe set to address the question of whether the agency is "fit for purpose".

UKTI is already facing swingeing budget and personnel cuts as greater accountability for export promotion is transferred to individual Whitehall departments.

"The Government has committed itself to a target of £1tn exports by 2020 but few expect this to be achieved," Iain Wright MP, the BIS committee chair, said.

"The Secretary of State himself appears‎ to believe the target is pie in the sky and unachievable.

"Boosting exports is crucial to the future health of the UK economy. The persistent trade deficit is a concerning weakness in our economy.

"Britain has great businesses which don't currently export. In our inquiry, we want to bring forward recommendations which help Government get the support right for British business and work towards this highly ambitious export target."