Government new backing for British retailers

The government is backing Britain's retailers in their bid

to expand into fast-growing and lucrative overseas markets. Business Secretary Vince Cable today launched the UK Retail Industry International Action Plan which was developed by UK Trade & Investment (UKTI) in association with the retail industry.

The global retail sector has held up well in recent years recording a compound annual growth rate of 7 percent. Sales are expected to grow by 8 percent annually through to 2016.

The Business Secretary said: “The retail industry is a significant contributor to the UK economy employing more than three million people and generating 300 billion pounds for our economy. British brands have a deservedly world class reputation for sustainability, quality and innovation. The UK’s dominance in e-commerce puts retailers in a world-beating position to capitalise on the fast growing demand for British goods and luxury brands. As we rebalance the economy with more export-led growth, retail has an important role to play. With this action plan UKTI will back small and large retailers across the UK to grow and expand into new export markets.”

British Retail Consortium Director General Helen Dickinson commented, “British retail is world class and given the opportunity can be more successful in markets across the globe. This International Action Plan should make a real difference. It will ensure that retailers who need help and advice get it, and that the British government’s efforts to tackle barriers to trade overseas are properly co-ordinated”.