Covid-19: Economy

Viscount Waverley Excerpts

Thursday 4th June 2020 Lords Chamber

[Viscount Waverley (CB)]

My Lords, achieving more with less should be the UK’s mantra, as well as not being overly reliant on ways of old, in order to counter recession and unemployment. Innovative digital platforms —in which I declare an interest—should be brought to the fore with particular emphasis on support for SMEs, which is where the greatest opportunities across all industries lie in opening new, or deepening existing, export markets. Supply and demand in emerging markets will be heavily competed for post Covid.

The emphasis should be on instilling a sense of transparency, in generating a team effort between the public and private sector and supporting networking organisations with possible mandatory membership to beef up multipliers, be it a chamber of commerce or trade association.

Our economy would be further protected by ensuring an across-the-board concerted effort to harness conducive official policy across all government departments in order to create the environment for operating to maximum national gain. Regional trade commissioners, the Prime Minister’s trade envoys and an agenda by the relevant bilateral APPGs must all play their role. These roles, including that of reviewing ambassador appointments, should be heavily scrutinised by Parliament.