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.
“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.