This slow period of growth needs more stimulation and keeping interest rates low is one of the few remedies, say Midland business leaders.
The government must also provide other incentives to encourage companies to grow, said Christine Braddock, president of Birmingham Chamber of Commerce, after the Bank of England’s Monetary Policy committee froze interest rates today for the 29th month in succession.
She said: “The announcement to keep interest rates unchanged should encourage companies to export which will promote economic development. Just one market can no longer be relied upon to generate 100 per cent of sales. Entering more markets means more customers can grow the business and spread risk.
“Usually the greatest obstacle in starting to trade internationally is a lack of knowledge, support and focus. Birmingham Chamber of Commerce Group has a wealth of experience to guide and support businesses taking the first steps into exporting.
“In less than three years, Midlands Enterprise Europe Network, part of the Chamber, has helped more than 2.5 million customers make the most of the single market. It has helped more than 4,500 small to medium enterprises in a variety of ways, ranging from business co-operation, technology transfer, or matching research partners.”
European SME week runs from 3 to 7 October and EEN is offering SMEs the opportunity to take advantage of free consultation sessions to help them gain a foothold in the export marketplace. For more information call Craig Biffen on 0121 455 0268.
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