Lord Liddle
Main Page: Lord Liddle (Labour - Life peer)Department Debates - View all Lord Liddle's debates with the HM Treasury
(9 years, 8 months ago)
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Lord Newby
My Lords, the Treasury is keeping records and noting the number of businesses. There are a record number of private sector businesses in the country at the moment, with an increase of 760,000 compared to 2010. There is of course a whole raft of measures, from having a long-term economic plan that has kept interest rates low to much more specific measures to support small business, which is helping this phenomenal growth.
Lord Liddle (Lab)
My Lords, can the Minister, in praising the Government’s economic record, explain to the House why if entrepreneurship has flourished so much in this country we have one of the largest trade deficits in the world, at 6% of GDP?
Lord Newby
My Lords, we have had a trade deficit for a very considerable time. One of the reasons we have such a large deficit now is that the amount of net income from UK investments abroad has fallen dramatically, not least because a lot of foreign companies have been investing here. However, the Government have set an ambitious target for increasing exports. By common consent, UKTI is far more focused in what it is doing than it has ever been. We are seeing an increasing number of British companies exporting to an increasing number of countries.