Simon Boyd, Managing Director of REIDsteel and Chairman of pro-Brexit Business for Britain South West, urged firms to prioritise investment following new growth figures and reports in the wake of the Bank of England’s interest rate decision.
He said: “With interest rates kept on hold and the continued weaker pound, now is the vital time for exporters to invest.
“The Bank of England has taken a more upbeat global outlook, based on better investment incentives and more competitive export opportunities.
“With growth in 2018 and 2019 forecast to be stronger than expected, businesses and especially exporters can use the time during Brexit negotiations by investing wisely and making sure they are ready to hit the ground running when we eventually leave the EU.”
Mr Boyd’s comments come before Labour and Conservative party manifestos are published this week.
He said: “Politicians of all colours must back exporters in their election campaigns and make sure support is available to help businesses drive investment, create jobs, boost growth and secure Great Britain’s place on the world stage post Brexit.”
The latest regional Purchasing Managers’ Index report from Lloyds’ Bank showed growth at its fastest rate for 2017 last month. Its health check index gave England a score of 57.1 for April – the second highest reading since mid-2015.
Also, the Chartered Institute of Procurement and Supply (CIPS) has found that nearly a third of UK businesses using EU suppliers are looking for British replacements.
Structural steel company REIDsteel – a four times Queen’s Award winner for Enterprise (International Trade) – works throughout the UK and has exported to 140 countries to date.
The 130-strong Dorset-based business has the capability to design, manufacture, ship and erect entire steel buildings including their cladding and or glazing requirements anywhere in the world.
This ranges from factory buildings in Mauritius and bridges in Africa to aircraft hangars and industrial buildings in the Caribbean.
Other structures include large commercial buildings, grandstands, bridges, process plants, car parks and many other steel structures worldwide.