UK-US Trade and Tariffs
Debate between Lord Bilimoria and Lord Leong(2 days, 15 hours ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Bilimoria (CB)
I congratulate the Minister on her appointment. This is our first interaction. We served on the GREAT campaign advisory council for many years until her ministerial appointment. I am reassured to hear that the Government want to be cool, calm and collected. I am also reassured that the Government are doing their best to try to get a deal with the United States of America. Donald Trump likes deals, so let us try to get one with President Trump.
However, although the United States has £300 billion-plus of trade with the UK, we have £126 billion in services exports to the US—a huge services surplus that nobody talks about—which is not applicable for these tariffs. We should make the most of that strength. Even in goods, we have a small surplus. But the United States is only 13% of the world’s trade. Surely we should work with the other 87% of countries around the world to make sure that we continue with the rules-based multilateral trading system.
Secondly, the Minister mentioned growth, and I will raise one of the best ways to generate growth. I am chair of the International Chamber of Commerce here, ICC UK. The ICC is the largest business organisation in the world, with 45 million members. Before these tariffs were announced, we laid out a plan for growth that could unlock £25 billion in trade growth. By digitising trade, we can take what takes three months on a paper-based trade down to one hour. Why do we not, as leaders, champion digital trade around the world and take a leadership role in these turbulent times?
Lord in Waiting/Government Whip (Lord Leong) (Lab)
Before my noble friend answers the noble Lord’s question, I urge all noble Lords to keep their remarks brief and put questions to the Minister rather than making this Statement an occasion for wider debate. This will allow all noble Lords who wish to receive answers to their questions to do so.
Mathematical Sciences
Debate between Lord Bilimoria and Lord Leong
Lord Leong (Lab)
My noble friend is absolutely right. Most of the graduates at Russell group universities will probably spend more time doing research than those going to the new universities, where teaching is the main curriculum. Only some 5% of those who go to Russell group universities end up as teachers. We have funding for recruiting teachers but we also need to retain them, which is very important, so the Government have initiatives to retain these teachers.
Lord Bilimoria (CB)
My Lords, 1.5 million school leavers apply to the Indian Institutes of Technology, the IIT; 130,000 make the first cut and 15,000 get places. These graduates are now running some of the biggest companies in the world. What more can we do to make maths and STEM subjects as popular as they are in India, and get the brightest and the best to go for them? When I was chancellor of the University of Birmingham, we set up a joint AI and data science degree with IIT Madras. Surely we should make many more collaborative degrees like that one.
Lord Leong (Lab)
The noble Lord makes a very interesting point. We have to compete globally for maths graduates, but at the same time we need to have a pipeline of students going through universities, studying maths and coming out to teach it. I will give some figures. We are spending some £233 million to try to recruit teachers, and giving graduates a £25,000 tax-free scholarship to take up teaching. We are spending some £6,000 each to encourage them to stay on as maths teachers.