UK exporters are showing renewed optimism about their market position in Europe, new research suggests.
The latest European Business Trends report by accountants and business advisers BDO, found that the week pound has fuelled Britain’s export market.
According to the firm’s optimism index, UK exporters displayed a 1.2 point rise in optimism in the three months leading to January, compared to a 0.4 point increase in the Eurozone area.
This is largely due to the devaluation of the pound. Since 2007, the pound has dropped by around 22 per cent against the currencies of the UK’s main trading partners.
This compares favourably against the Euro, which has gained around a seven per cent increase in value, making UK exports a more viable option for international traders.
Heavy-duty industrial machinery such as conveyors, mixers, blenders and hoppers have all become a more cost-effective option if purchased from the UK.
However, the potential threat of rising inflation and the cessation of quantitative easing may mean that Britain’s export potential is affected.