The UK government is all set to create four regional trade and investment hubs to help boost the economy. Secretary of State for International Trade Liz Truss said the hubs would be located in Edinburgh, Cardiff, Belfast, and Darlington. The aim is to boost exports by providing localised advice from export and investment specialists to firms.
The new hubs are expected to provide support and advice to help regional businesses to access major trade markets and boost exports. Truss said, “I am determined to use UK trade policy to benefit every part of the UK. These trades and investment hubs will help this country to an export and jobs-led recovery.” She added, “They will mean we can channel investment into all corners of the country, and that exporters – whether they're selling Scotch beef, Welsh Lamb or cars made in the North of England – have access to the expertise they need to sell into the fastest growing markets.”
Recent data by the Food and Drink Federation (FDF) reveals plummeting British exports attributed to a combination of Brexit and weak demand in Europe. Cheese, whisky, and chocolate exports took a steep nosedive according to an year on year analysis. Meanwhile, exports of certain goods like salmon and beef almost stopped with declines of 98 per cent and 92 per cent respectively. The figures closely followed data from the Office for National Statistics (ONS) showing trade between the UK and EU took a massive hit in the face with overall exports down by 40.7 per cent in January compared to December.
