Banking giant HSBC has launched a £4bn fund aimed at helping small and medium-sized enterprises (SMEs) boost exports, amid concern over UK overseas trading.
The Independent reports that firms with a turnover of no more than £25m will be eligible for the scheme, which aims to help SMEs make crucial inroads into increasingly important overseas export markets including India and China.
HSBC economists warn that Britain’s trade growth is likely to fall some way behind that of other major economies. They predict that UK trade will expand by 59 per cent between now and 2027, while global trade is poised to grow by 86 per cent.
The bank observed that 2012 is likely to be a “challenging year” for UK businesses, with the ongoing uncertainty over the eurozone debt crisis expected to be a major drag on economic growth.
“Trading internationally will be critical for not only the British companies who want to remain competitive in the future, but it is also critical to the UK economy,” said Alan Keir, HSBC’s global head of commercial banking.