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.
