Export and Investment Guarantees

Clive Jones Excerpts

Wednesday 13th November 2024 Commons Chamber

[Clive Jones (Wokingham) (LD)]

Boosting British exports, especially for our small businesses, is vital to creating jobs and economic growth, and it absolutely must be a strategic priority for the Government. This secondary legislation is a welcome step forward, giving UK Export Finance the opportunity to grow its portfolio of projects to help deliver for businesses across the country.

This measure will be very important to my constituents, as Wokingham is one of the best places in the country to do business, and the Government should continue to help unlock our growth potential. We ranked 15th of 362 local authorities for competitiveness between 2017 and 2021. The gross value added per filled job vacancy was 23.5%, which is significantly faster than the rest of Berkshire and the south-east.

My constituency has great examples of where Government support programmes have delivered success, such as M2M Pharmaceuticals, which won a King’s award for enterprise this year. Tomorrow, I am visiting Intersurgical, another great success story for Wokingham business, which designs, manufactures and supplies medical devices. Having grown from seven people in 1982 to upwards of 3,500 employees worldwide, it now exports its products globally. However, I am sure it is deeply concerned about the Budget’s impact on maintaining its profitability. I look forward to hearing from the company what more the Government need to do to support its success.

There is certainly more that should be done to boost British exporters and improve Britain’s trade policy. To start, the Government urgently need to fix our broken relations with the EU to foster closer co-operation with our largest trading partner. We must cut vast swathes of red tape and reduce the trade barriers that hold back our businesses. For example, the Government should urgently negotiate a veterinary and plant health agreement with the EU to reverse the decline in British agrifood exports since 2019. Securing bespoke mutual recognition agreements for Britain’s engineers, architects, lawyers and accountants would also help British businesses across a variety of sectors to secure greater export opportunities. The trade associations I have met made one thing overtly clear: the impact of Brexit is hurting their profits, and we need to fix this mess.

On trade, I hope this Government do not follow the Conservative party’s approach of negotiating trade deals in desperation, which led to weak outcomes, as we can see from the results. For instance, the Conservatives failed to guarantee British standards on animal welfare and environmental protections in agreements such as the Australia trade deal, at an especially difficult time for the agriculture sector. Even a Tory former Secretary of State for Environment, Food and Rural Affairs described that agreement as

“not actually a very good deal”.—[Official Report, 14 November 2022; Vol. 722, c. 424.]

Parliament never gets a proper say on our trade deals, eliminating the opportunity to stop the Government barrelling ahead with deals that are deeply unpopular.

I respect the Minister greatly, but there is a lot to get right, and to fix from the previous Government. Will he meet me and representatives from Wokingham businesses, such as Xpert, which is struggling to secure UK export finance, to hear what they need from his Department? Will he set out to the House the specific forms of scrutiny we will get when the Government conclude the trade deal? Will his Department renegotiate the Australia and New Zealand trade agreement?