Faced with rising trade deficit, UK comes up with programs to boost exports
London, United Kingdom (AHN) – British Business Secretary Vince Cable on Wednesday unveiled new programs aimed at increasing exports by small companies to reverse the nation’s trade deficit.
Cable explained that the UK had racked up a trade deficit in goods and services by consuming too much while exporting too little.
It is a problem shared by many other countries around the world, with the notable exception of exporting giant China.
The gap between the goods and services that the UK imports compared to those it exports grew to $7.78 billion in December, which was the highest level since August 2005.
The government has come up with plans to help boost trade and investment along with exports by small UK companies. The government will offer companies more access to help such things as credit, insurance and financing specifically for exporting.
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