Flight Links: UK risks Billions in Trade with Fast Growing Economies

ba747According to the Confederation of British Industry, the United Kingdom is likely to miss out on billions of pounds in trade unless it boosts direct flights to the fastest growing world economies.

New analysis published by the UK’s leading business group, reveals that adding just one additional daily flight to each of the eight largest high-growth markets would increase UK trade by as much as £1billion a year, with every increase in 1000 passengers generating up to £920,000 in new business.

In their report, Trading Places, the CBI warns the UK is failing to keep pace with major European competitors in winning new direct connections to Brazil, Russia and China, hitting long-term export potential, damaging competitiveness and deterring inward investment.

“Boosting exports is critical to our long-term growth.”

– Katja Hall, the CBI Chief Policy Director

The CBI is calling on the interim report of the International Airports Commission – led by Sir Howard Davies – to support a thriving aviation network by proposing urgent investment in the poor road and rail links to the UK’s international airports, as well as taking action on hub capacity.

Katja Hall, the CBI Chief Policy Director, said: “Boosting exports is critical to our long-term growth. Every day we delay expanding our connections, we risk falling further behind our competitors. Firms in high-growth economies are not waiting for us to make a decision before taking their business to countries with much better flight links. For too many businesses, our lack of direct connections means selling abroad to the fast-growing markets is simply not a realistic option. Firms need frequent direct flights to the widest range of markets.”


Tags assigned to this article:
braziluk

You may have an interest in also reading…

Spain NAB: ‘Impact-Washing…? It’s a Thing, and to be Avoided at All Costs

The Spanish impact investment market is catching the eye of mainstream financiers — with increasing frequency. With that attention comes

Collaboration, Fintech and Crypto Dominate Italian Summit, and New VC Fund Announced by Generali

Why Italy is bucking a downward trend, and some take-aways from the 2023 Milan Fintech Summit… Italian insurance giant Generali

Davos: Azerbaijan Making a Splash at World Economic Forum

Davos – One of the world’s fastest growing economies for ten years in a row, Azerbaijan is set to showcase