Businesses want deals pipeline and innovation focus from UK trade strategy
The UK Government – having recently secured deals with India, the US and the EU - plans to publish a new trade strategy to help deliver its growth mission.
HSBC UK asked 1,700 UK firms what they would like to see featured in the strategy, with 41% wanting a pipeline of new free trade agreements and 28% looking for sector-specific deals.
A further 35% said they would like the strategy to highlight digital innovation and Artificial Intelligence (AI) in trade.
Stephanie Betant, Head of Global Trade Solutions at HSBC UK, said:
“Despite ongoing volatility in the global trade landscape, recent agreements with India, the US and the EU have offered a degree of clarity for some sectors and attention is now turning to a broader UK trade strategy.
“HSBC UK’s latest research indicates strong backing for bilateral trade agreements, with more than a quarter of firms expressing interest in sector-specific deals spanning industries such as manufacturing, pharmaceuticals, financial services and hospitality.
“Innovation and artificial intelligence also emerged as a priority area, with its growing relevance in trade seen as a strategic opportunity and businesses seeking clearer policy direction.”
While trade deals and a focus on innovation featured high among the responses, the most popular ask was measures to reduce cross-border fragmentation of regulations (44%).
Two-fifths of businesses (39%) said they would like the strategy to address resources which facilitate trade, such as trade missions or support for entering new markets.
In addition, 34% want to see support for sustainable trade and green exports, while 30% want more support specifically for services exports.
Free trade deals are often primarily focused on goods, leaving scope for additional measures targeted at services, of which the UK is among the world’s largest exporters.
Stephanie Betant, added:
“For smaller businesses which are maybe starting their trading journey, varying regulations across different markets can be a significant barrier.
“We often hear from clients who want to sell their products or services in a different country but fear they don’t know enough about specific laws and regulations.
“A big part of our work at HSBC is drawing on our international network and knowledge of each market to help ambitious businesses navigate their expansion successfully.”
HSBC UK also asked businesses which only operate in the UK, but who are considering trading internationally, what would help them to expand across borders. The most popular answer was additional policy support, including free trade agreements (38%).
Others included: networks of internationally trading businesses (37%); accommodating regulations (37%); greater access to finance (33%); products and services which mitigate risks involved with trading internationally (31%); and policy specific to their sector (27%).
Media enquiries to:
Robert Cox
Media Relations
HSBC UK
robert.cox@hsbc.com
Note to editors:
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1691 senior decision makers, excluding sole traders. Fieldwork was undertaken between 31st March - 14th April 2025. The survey was carried out online. The figures have been weighted and are representative of British business size and region.
HSBC UK
HSBC UK serves over 15 million active customers across the UK, supported by 23,900 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring-fenced bank and wholly-owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,054bn at 31 March 2025, HSBC is one of the world’s largest banking and financial services organisations.