Strengthened Currency Rate offers UK Firms Incentive to Export

As Sterling increases in value against the Euro, UK businesses thinking of expanding into Europe could save up to £66 per trip

Sterling is now worth 15% more against the Euro, compared to two years ago, saving British enterprises expanding into European markets approximately £66 per business trip, according to research by currency business Centtrip.

The new report revealed UK companies made approximately four million trips to the EU in 2013, spending a total of £2bn, an average of £428.78 per journey.

For businesses making the same trips this year, Centtrip estimates firms would only need to spend £362.79 per trip, meaning the time is ripe for companies considering going abroad to analyse markets.

Centtrip’s co-founder and managing director, Brian Jamieson, advises companies – especially those with a growth strategy which includes overseas expansion or with a European presence – to utilise Sterling’s current strength.

Jamieson said:

“As Sterling continues to grow against the Euro, the power of our spending money whilst on business in the EU increases.

“Sterling has recently hit new seven-year highs versus the Euro, and many of our business customers are locking in current attractive rates and buying Euros to use today or at a later date.”

For more information and advice on exporting to Europe and other overseas markets, have a look at our sister site’s section on growing overseas here.

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