UK Business Opportunities Soar with New Open Markets

Business and Trade Secretary Kemi Badenoch has opened up markets worth over £2.2 billion to UK businesses in just 200 days on the job – that’s more than £11 million daily.

The UK government recently announced a plan to give UK businesses access to new markets worth £11 million daily. This move is expected to help the country’s post-pandemic economic recovery by enabling businesses to grow and reach new customers.

What Are the New Markets Open to UK Businesses?

According to a government press release, the new markets include countries like Mexico, Iceland, Norway, and Canada. These markets have been identified as having significant potential for UK businesses, particularly in sectors such as life sciences, technology, energy, and food and drink.

The move to open up these markets comes as part of the government’s post-Brexit trade strategy, which aims to forge new trading relationships with countries outside of the European Union. By tapping into these new markets, UK businesses can potentially gain access to new customers and revenue streams, which can help them to grow and expand.

How Can UK Businesses Access the New Markets?

UK businesses looking to access these new markets will need to carefully consider their procurement strategies and ensure that they have the necessary resources in place. For example, businesses will need to have a good understanding of the regulations and cultural differences that may exist in these new markets, and may need to adapt their products and services accordingly.

Businesses will also need to consider their energy use and procurement strategies in light of these new opportunities. For example, if a business is planning to expand into a new market that is heavily reliant on renewable energy sources, it may need to consider how it can transition its own energy use towards renewables. This could involve investing in its own renewable energy generation capacity or purchasing renewable energy certificates (RECs) to offset its carbon emissions.

Alternatively, if a business is planning to expand into a market that is heavily reliant on fossil fuels, it may need to consider how it can manage its energy costs and mitigate the risks associated with energy price volatility. This could involve adopting a more proactive approach to energy procurement, such as locking in energy prices through long-term contracts or using risk management strategies such as hedging.

Conclusion

The UK government’s move to open up new markets to UK businesses presents a significant opportunity for businesses to grow and expand, particularly in sectors such as tech, life sciences, and food and drink.

However, to make the most of these opportunities, businesses will need to carefully consider their energy use and procurement strategies, particularly in light of the varying energy landscapes of these new markets.

By working with a trusted energy partner like Northern Gas and Power, businesses can ensure that they have the support and expertise they need to navigate these challenges and take advantage of the opportunities presented by these new markets.

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