From the desk of Lord Bilimoria, CBI President

The advent of Omicron is a reminder of three things. First, we should remain humble before the virus. Equally, we must learn to live with it. Second, without concerted action to make vaccines available worldwide, we all remain vulnerable to variants; threatening our health and wealth. Third, Omicron’s spread exemplifies global interconnectedness, highlighting the need for businesses’ resilience to survive future shocks.

This virus is here to stay. Business has had to adapt to survive but now needs to thrive. One of the greatest business lessons from this Covid period is the importance of diversification. Firms which have diversified their revenue and supply chains were able to successfully weather the storm and embed resilience. So how can businesses take these lessons forward?

Putting it frankly that means being bold and planning for success. At CBI, we call it seizing the moment.

As we can see from today’s CBI economic forecast the contribution from exports to UK growth was negligible this year. For a great trading nation such as the UK, this simply will not do. We must do better. And we can.

The responsibility for supporting firms to go global, to compete, build our economy and increase resilience, doesn’t just sit with government. It’s also up to businesses to step up and seek growth.

The government holds many levers which can unshackle companies from burdensome processes, making it quicker and easier to do business globally. Exporting success is crucial for correcting poor productivity performance and creating internationally competitive regions.

Let me be clear. Improving relations with our biggest and nearest trading partner must feature high up the agenda. End the politicisation of trade. While many EU countries want closer bilateral ties, normalising trade between the UK and EU – primarily by resolving the impasse over the Northern Ireland Protocol – can unlock co-operation in numerous other areas.

Exporting and growing international revenue needs to be a priority. Businesses that export are more competitive, dynamic and innovative. We must encourage all companies, including start-ups to have the attitude and desire to export from day one – as with my experience at Cobra Beer.

The new Export Strategy is a useful reminder of how the government can help, and now we need to complete this vision together. In particular, improving digital support, expanding export finance and increasing the use of export champions to inspire business — especially SMEs — should all be implemented at speed.

The UK has world-leading goods and services, and is home to some of the most innovative companies worldwide, yet fewer than 10 per cent of UK companies sell overseas and exports are equivalent to around 27 per cent of UK GDP; in Germany that figure is 43 per cent.

We need to encourage more superstar exporters – firms which export ten products to ten markets. Something only 14 per cent of UK businesses who export have managed so far – compared to 40 per cent in Germany. Steps are being taken in the right direction. The new Trade in Services Council (TISC) - called for and co-ordinated by the CBI — reflects the sector’s importance to the UK economy.

So let us be optimistic. Britain remains a trusted brand the world over; famous for the rule of law; our leading universities and much more besides. Great opportunities await farther afield. The UK has already signed trade agreements with 66 non-EU countries. I am excited by the prospect of FTA talks with India beginning in earnest next year. And we’ve already seen success with Australia and New Zealand.

Seeking revenue globally isn’t easy but it isn’t as difficult as many firms think or feel. And as Omicron once again tests supply chains and resilience, it will be up to firms to innovate, adapt and respond as they have done since the beginning of the pandemic. Only those with a global mindset will lead the pack.