MEDIUM-sized businesses in the UK are being too conservative in their export ambitions and are not considering key growth markets overseas, new research from Lloyds Bank shows.
Three out of five firms with an annual turnover between £25m and £750m said that they do not currently export.
The research also found fewer than one in 10 are looking to do so within the next five years. It comes as recent indicators have shown that firms are more bullish about the UK economy with business confidence reaching a 22-year high, according to the bank’s recent Business in Britain report.
Russell Harvey, area director for Lloyds Bank Commercial Banking in Hampshire, said: ‘Although business confidence has reached a record high, mid-sized firms often appear to be overlook the benefits of exporting.
‘The size of the international opportunity clearly depends on the nature of the sector.
‘However, it also reflects the fact that businesses are focusing their efforts on their UK operations first.’