Economy
U.K. government doubles export support with new trade advisors in Scotland and Wales
The UK Government’s Department for Business and Trade (DBT) announced on Wednesday the appointment of new International Trade Advisors (ITAs) in Scotland and Wales, marking a significant investment to bolster export levels in these regions. The new roles will double the DBT’s trade and investment staff in both Scotland and Wales.
In Scotland, the introduction of ITAs is expected to benefit an additional 600-900 businesses with one-to-one advice on exporting. The DBT aims to significantly expand the support offered to Scottish businesses, complementing existing services by broadening the pipeline of exporting companies.
Exports Minister Lord Malcolm Offord began stakeholder engagement on Wednesday at Greenock’s former Customs House. He held discussions with SMEs about their exporting journey and explored ways to encourage more companies to utilize such support.
Lord Offord stated, “This is a significant investment by the UK Government to provide further support to businesses across Scotland.” He highlighted the importance of accessing international markets for company growth and voiced his anticipation for ongoing discussions to ensure maximum business participation in available opportunities.
The DBT has closely collaborated with Scottish Government and Scottish Development International officials while shaping these proposals. An eight-week public engagement exercise is now underway to ensure that the new resource meets Scottish businesses’ needs and complements services already offered by SDI and others.
In Wales, the DBT will build upon its existing support, which has had a dedicated team since 2021. The appointment of ITAs is projected to double this team from 12 staff members and should assist an additional 400-600 companies.
Lord Offord launched an engagement exercise on the structure of the support, encouraging Welsh SMEs to shape the outcome. The UK Government has pledged to continue collaborating with the Welsh Government and other stakeholders to avoid duplication of service.
The introduction of ITAs supports the DBT’s goal of reaching £1 trillion worth of exports annually by 2030. The increase in exporters in Scotland and Wales will be crucial to achieving this target, as there were approximately 14,800 Scottish and 8,400 Welsh companies exporting goods or services in 2021.
The new ITAs will work alongside other UK Government support services such as the UK Export Academy, which offers free training on selling abroad, and UK Export Finance, which provides attractive financing terms and working capital loans to companies.
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© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.
With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.
The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.
The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.
“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.
The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.
($1 = 7.1315 renminbi)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
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