UK firms should look to trade abroad amid recession fears, Santander says

The bank’s head of international and transactional banking said India is the economy to watch for UK companies wanting to ‘prosper’.

Skyline of South Mumbai under construction in the eastern belt (Alamy/PA)

UK firms should look overseas for opportunities to do business as high inflation and recession fears have dampened consumer demand at home, a trade expert at Santander has said.

Businesses that trade internationally are performing better than those limited to domestic trade, according to research from the banking giant.

Around 59% of firms that trade abroad reported improved financial performance over the past year, compared with just 46% of those which do business solely in the UK, the research found.