UK Trade and Investment
Debate between Barry Gardiner and Julian Smith(12 years, 8 months ago)
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Barry Gardiner (Brent North) (Lab)
The hon. Member for The Cotswolds (Geoffrey Clifton-Brown) is absolutely right; there has been no debate on UKTI—not only in this Parliament but in the entire previous Parliament. It is indicative that the hon. Member for South Thanet (Laura Sandys) and I, who have both run businesses, have initiated this debate.
Julian Smith
Can the hon. Gentleman explain to me, as a new MP, why, in the whole period of the previous Parliament, trade and export seemed to get so little coverage and interest from Ministers or Government Back Benchers?
Barry Gardiner
I could, but I would rather refer the hon. Gentleman to the pamphlet that I wrote on the matter following the general election. I fear that if I were to begin on the point now, it might take up more time than we have available.
If the UK is to emerge from its current economic stagnation, it must do so by trade. The opportunities from trade and investment lie not only in our own abilities but in the accurate assessment of the economic opportunities in, and performance of, other countries. We have seen a definite shift in economic power. With the rise of India, China and Brazil, there is a new global dynamic, so there are now new global opportunities. We have seen the eurozone’s problems, as it struggles to pull itself out of recession. In the past 15 years, the United States has adjusted to refocusing its attention more towards the Pacific than the Atlantic. In those circumstances, we have seen the benefits of Indian companies, such as Tata Global, investing in British companies such as Tetley. We have seen the benefits of British companies, such as BAE, expanding overseas and, in doing so, boosting our economy.
It is imperative that we have the skills and institutions that can facilitate such investments. We need an organisation that can identify opportunity overseas and channel UK companies in a co-ordinated supply chain to meet it; one that can source overseas investors and persuade them that UK companies are the perfect fit for their investment to yield above-sector returns for them and for new jobs and growth in the UK. That organisation should be UKTI. The redoubtable hon. Member for South Thanet has illustrated that UKTI is, in its current state, not yet that organisation. It lags behind other countries’ organisations in promoting investment abroad and at home.