LCCI - Richard Burge

Overseas trade can get

economy back on track

Richard Burge is used to travelling the world, sometimes for business, sometimes for pleasure. In the last few months, his business trips have taken in Washington, Ottowa, New York and Toronto, as he seeks to build relationships with Chambers of Commerce and other key organisations in these localities.

Richard, who’s the CEO

of London Chamber of Commerce and Industry (LCCI), says: “Toronto in particular is very impressive. It’s a city on the up with a global outlook, very much like London. It’s amazing that when you travel the world, you discover synergies between London and other places – synergies that might not otherwise have been apparent from a distance.

“That’s the advantage of going to these places; you can build links and find people you want to invest in and vice-versa. From an international trade perspective, you need to eye-ball people and not just spend your days on Zoom calls.” Richard is currently on a mission to strike formal agreements with Chambers of Commerce in 30-35 cities around the world. The idea is to sign memorandums of understanding (MOUs) with each Chamber and then embark on three-year engagement plans that will, hopefully, boost trade between London and each of these overseas cities. The current trading environment will make this task more challenging, with soaring inflation heaping cost pressures on businesses and the war in Ukraine exacerbating already sky-high energy prices. “The immediate effect of the Ukraine crisis is that many businesses are looking at the strengths and weaknesses in their supply chains,” says Richard. “It has taught businesses the need to be resilient, to know their markets and understand the vulnerabilities in their supply chains. “With inflation going through the roof, it’s good to see that the UK government has made a u-turn and imposed a windfall tax on oil and gas companies. I’d also remove all planned tax increases because consumers are already nervous and starting to hoard money, which will inevitably have an adverse impact on the economy.” Despite a highly uncertain trading climate, with many analysts predicting that the UK will tip into recession, Richard believes that opportunities provided by international trade can help to boost economic growth. “We’ll continue to build bridges globally,” he says. “Just because there’s a war going on and the economic situation is difficult, international trade doesn’t stop. London is still viewed as a global destination and already holds a strong appeal to many individuals and businesses across the world. “In my role as CEO of LCCI, it’s my job to seek new opportunities for London businesses to trade with other companies across the world. If anything, building overseas trade connections makes war less likely. It demonstrates that the world of free, equitable trade should continue. “The world is in a parlous state but we’re out of the pandemic now. Economic long COVID is fading and the impacts of economic long Brexit and economic long Russia are becoming clearer. There are still many challenges in ensuring that barriers to trading with the EU are removed. “The one thing that Brexit has done is encourage companies to look further afield. The world doesn’t stop at the borders of Europe. Many London companies are trading successfully with companies in places such as the US, Asia and South America.

“We have to keep our collective chins up and look outwards, not inwards. A tough economic climate can provide just as many trading opportunities as challenges.”

❛❛With inflation going

through the roof, it’s good to see that the UK government has made a u-turn and

imposed a windfall tax on oil and gas companies. I’d also remove all planned tax increases because consumers

are already nervous and starting to hoard money, which will inevitably have an adverse impact

on the economy.❜❜