Small businesses 'need help from export scheme'

The Export Credit Guarantee Scheme (ECGS) should be made more accessible to small businesses, it has been argued.

According to the most recent figures from the Office for National Statistics (ONS), the UK trade deficit widened to £3.2 billion in February from £3.1 billion in the previous month.

And while exports rose by £0.4 billion over the course of the month, helped largely by favourable exchange rates for exporters, the Institute of Export and International Trade has argued that more needs to be done to make the benefits of the ECGS more widely felt among UK businesses.

Lesley Batchelor, chair of the organisation, explained: "At the moment isn't very useful because it tends to work with companies which have got orders of five million and over.

"We have four and a half million small businesses in this country, they are not picking up five million pound orders each time."

In addition, Ms Batchelor also claimed that more needs to be done to help businesses obtain the necessary insurance for exporting goods, as well as assistance with issues such as Intellectual Property (IP) rights.