06/03 14 January 2003
NORTH WEST BUSINESSES MAINTAIN EURO INVOICING MOMENTUM
North West exporters are bucking the national trend when it comes to carrying out business transactions in euro, according to Lloyds TSB Corporate’s twice-yearly Business in Britain survey.
The report reveals that the sharp rise in the number of firms issuing invoices in euros following the Eurozone’s conversion a year ago to euro notes and coins tailed off during the second half of 2002. The proportion of firms distributing euro invoices rose by just one per cent to 56 per cent during the second half of the year. This compares with a figure of 44 per cent in January 2002.
But the North West has emerged as a hotspot of euro momentum with 67 per cent of companies confirming they had sent euro invoices since last June. This constitutes a rise of 12 per cent on the figure in June 2002 and a 16 per cent hike on one year ago.
The South East and East Anglia follow closely behind with 65 per cent of companies having invoiced in euro. Scottish businesses are the least enthusiastic in the UK to embrace euro transactions, reporting a figure of just 48 per cent.
Following their recent expressions of support for UK entry to the single currency, manufacturers are using the euro more than firms in any other sector with 62 per cent having issued euro invoices. Their use of euro invoices is more widespread than firms in the business services sector (55 per cent) and construction industry (32 per cent).
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Lloyds TSB Corporate’s head of international business development, Ben Smith, said: “The North West has a history of trading with overseas markets and due to its location has long enjoyed a particularly strong relationship with the Republic of Ireland, which now forms part of the Eurozone.
“The region is also a manufacturing hotbed with fewer service industries than many other parts of the UK. Europe is a key area of debate for manufacturers at present as they consider whether entry into the single currency is essential to remaining competitive amidst global economic uncertainty and lingering fears that the sector is set to slip back into recession during 2003.
“With the Commonwealth games having done much to raise the international profile of Manchester and its surrounding areas during 2002, the North West can also boast an excellent transport infrastructure and a labour market where hiring skilled staff is easier than in other areas. These factors make the region an attractive option for foreign businesses looking to locate in the UK.”
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Notes to Editors:
· The Business in Britain survey has been carried out twice yearly since May 1992. Responses to the latest survey were collated in December 2002. Copies of the Report can be downloaded from www.lloydstsb.com/corporate
· Lloyds TSB Corporate provides financial, banking and advisory services, tailored to the needs of businesses with a turnover greater than £2 million per year. It currently manages the financial requirements of over 15,000 corporate customers throughout the UK.
Lloyds TSB Corporate incorporates:
· An international business service looking after more than 4 million international payments for customers per year.
· Venture capital provider, LDC, that was named 'House of the Year' at the 2002 BVCA private equity awards, and currently has a portfolio valued at over £1.5billion
· A leasing company, Strategic Asset Finance, which has over £20billion worth of strategic assets under management
Further Information:
Stephen Finch
Lloyds TSB Press Office
Lloyds TSB
Tel: 020 7356 2401