UK will be 15 years late in hitting £1tn annual export target, figures show

In 2012 David Cameron set a 2020 target to achieve £1tn in annual exports, which Boris Johnson extended to 2030.In 2012 David Cameron set a 2020 target to achieve £1tn in annual exports, which Boris Johnson extended to 2030.First published on Sun 22 Jan 2023 18.32 GMT

However, new figures show Britain will not achieve £1tn until 2035. They emerged in a parliamentary answer by Andrew Bowie, the minister in charge of UK exports. He also blamed external factors for the UK’s lagging performance. “We recognise the speed by which the UK reaches this milestone will be impacted by macroeconomic factors such as global demand and exchange rates,” he said. “This has proven to be the case over the past year where we have experienced external shocks and a spike in inflation,” he added.

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