More UK SMEs Making Foreign Payments
The numbers of UK small businesses making foreign payments has reached a five year high, according to data from foreign exchange (FX) firm Moneycorp.
The data, based on the trading patterns of over 1,200 British small and medium-sized enterprises (SMEs), suggests that their international ambitions of are a key part of the UK’s economic recovery.
On average the number of international payments per small business customer handled by Moneycorp in Q213 registered a 22.1% increase on Q1, while the month of July saw the number of small business foreign transactions handled by Moneycorp surpass 3,000 for the first time.
“Today’s figures are evidence that British businesses are going global as part of our economic recovery,” Andrew Woolley, director, CFX at Moneycorp, said.
“It’s no coincidence that a sharp increase in small business international payments accompanied the jump in gross domestic product [GDP] for the second quarter. With our traders handling a record number of foreign transactions in July, the stage looks set for further strong GDP growth in Q3.”
David Riches, commercial director at the British Chambers of Commerce (BCC), said: “Increased international payments are welcome evidence that SMEs are internationalising, exporting and breaking into new markets. Small businesses are in determined and confident mood but also need help and advice to maximise margins in their foreign forays.”
Emma Jones, founder of small business support group Enterprise Nation, said: “Small businesses are the lifeblood of the UK’s economic recovery and their increased foreign activity is testament to their increasing confidence and growth plans. Today’s figures offer encouragement to small businesses looking to grow that the conditions are ripe for going global.