According to new research by Barclays Corporate Banking, overseas customers are happy to pay more for products with a Made in Britain label. The report found that these products command a “considerably higher” price when sold abroad, particularly in new and emerging markets. The survey included precision tools and the automotive industry.

Rebecca McNeil, head of business lending at Barclays Corporate Banking, said: “While British businesses are currently reliant on the EU and the USA for the majority of their exports, they are well placed to expand into new and emerging markets.

“The report shows that the biggest premiums for British-branded goods will be paid in these markets, not the developed markets. These new and emerging markets are also growing at a faster rate than the established trading partners, meaning that growth opportunities and premium pricing are aligned.”

Ms McNeil added: “We understand that these new markets can be more challenging to enter but, for those that persevere, there are opportunities for a greater return. Rather than focusing on seemingly saturated developed markets, exporters should seriously consider looking further afield, as there are bigger premiums to be had when products are marketed as Made in Britain.”