Currency exchange rate 'benefitting export business'

The export business is benefitting from the currency exchange rate on sterling, it has been suggested.

However, according to Lloyds Banking Group, more companies could take advantage of the weak pound.

"Many firms are turning overseas demand and a weaker sterling to their advantage as they seek to grow. Others are clearly missing a trick," said John Maltby, managing director at the group.

The bank also revealed that geographical interest is beginning to vary among British exporters.

While the majority still see North America and Europe as the main markets for their products and services, 18 per cent claimed to have their eye on China and the Far East.

Similar levels of interest were found in Africa and the Middle East.

Mr Maltby added: "Despite the recent disruptions and associated drop in confidence caused by the volcanic ash cloud, at a time when domestic demand is subdued, thousands of small firms could still benefit from markets overseas."

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Posted by Sarah Pitton