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Looking beyond Europe for growth

Tuesday, September 30, 2014 - 02:22

Britain's economy is on the up - latest figures show it's doing better than estimated. As Hayley Platt reports a drive to seek new markets outside Europe could further boost UK growth.

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He's one of America's best loved comic book superheros, making a small fortune for publishing firm Marvel. Now a UK company is hoping their Spiderman costumes can do the same for them. Morphsuits want a share of America's lucrative Halloween market. Brand director Sara McCraight is joining 64 other UK start-ups on a trade mission to New York. SOUNDBITE: Sara McCraight, Brand Director Morphsuits, saying (English): "They are the biggest spenders on Halloween, it's growing and we actually know from retail data that the market in the States is 13 times bigger than the UK, so if we can try to get our fair share of that market in the same way as we do in the UK, that would step change our business." The trip is being led by Emma Jones, founder of Enterprise Nation. The privately funded organisation helps young entrepreneurs to grow their business. A recent survey showed that 72 percent of British firms who exported outside the EU between 2010 and 2013 reported a higher turnover. SOUNDBITE: Emma Jones, founder of Enterprise Nation, saying (English): "In terms of British companies, they're looking further afield, they're looking to India, they're looking to China. Turkey is a popular destination. But I think for any British company, breaking into the U.S. market is probably the pinnacle of your business career." Half the country's GDP comes from small and medium sized companies. They turnover 1,600 billion pounds a year and employ 14 million people. With new customers in new markets - particularly ones as big as the States - they could do much better. SOUNDBITE: Kuldip Singh Sahota, Mr Singh's Sauce, saying (English): "It could change our business overnight because a big contract over there versus a big contract over here is maybe 10/15/20 times the size." SOUNDBITE: Alex Epstein, Concoction, saying (English): "The European market has been really tough in the past few years and America is a huge market. It's a tough one to crack but when you crack it the opportunities are incredible." Like Morphsuits Britain is making progress - latest figures show the economy is 2.7% above its pre-crisis peak at the end of the second quarter. But like many of its neighbours it still relies on Europe for much of its trade. And with growth there hard to find it's no surprise that super human efforts are being put into business further afield.

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Looking beyond Europe for growth

Tuesday, September 30, 2014 - 02:22