United Kingdom: Exports
Debate between Viscount Younger of Leckie and Lord Barnett
Viscount Younger of Leckie
My noble friend is right: gross export data may underestimate the role of services, omitting the linkages between services and manufacturing. Services account for around 60% of the value added in the UK’s total exports, which demonstrates their importance both as direct exports and as embedded services within manufacturing exports. It is interesting to note that Rolls-Royce now earns more from managing clients’ procurement strategies and maintaining the aerospace engines itself than it does from making them.
Lord Barnett (Lab)
Despite the good export figures, is the noble Lord aware that many serious exporters believe that the strengthening pound is the serious problem? Do the Government have any intention whatever of doing anything about that?
Trade: Import Substitution
Debate between Viscount Younger of Leckie and Lord Barnett
Viscount Younger of Leckie
Manufacturing remains the most important part of what we do in the UK. UKTI has joined forces with the Manufacturing Advisory Service to relaunch Reshore UK, which will be a new, one-stop-shop service to help companies bring production back to the UK. This will give greater reassurance to hard-working people that there is increasing job security and a better plan for them to make for their families for the future.
Lord Barnett (Lab)
My Lords, do the Government have a case that the Minister could tell the noble Lord, Lord Vinson, about for substituting more expensive and worthless UK products for good cheap products that are coming in?
Viscount Younger of Leckie
It is fair to say that imports are also important for the UK. It is not just exports. The balance has to be right.