International Trade and Geopolitics

Darren Jones Excerpts

Thursday 20th April 2023 Commons Chamber

[Darren Jones (Bristol North West) (Lab)]

I beg to move,

That this House has considered international trade and geopolitics.

I thank right hon. and hon. Members from across the House, and the Backbench Business Committee for granting the debate today. I declare my interests as set out in the Register of Members’ Financial Interests.

I applied for this debate because I am concerned about Britain’s standing in a world that is changing more quickly than we appear to be responding. From trade and industrial policy to innovation and skills, we have just sticking-plaster policies and no long-term economic plan. There is no strategy for UK plc that shows the path to prosperity, and I hope this debate may trigger some answers from the Government on their plan to drive economic growth within the UK and through exports abroad.

The era of increasing globalisation that we have come to know over the past decades is coming to an end. We are now in an era of economic retrenchment, higher levels of state subsidy and new forms of partnership between the public and business, but how is the UK responding? Ministers are merely saying to competitor countries, “This is not how you’re supposed to play the game,” but they are not listening, and we are losing. There are several factors underpinning these changes: geopolitical competition between China and the United States; war in Europe and security tensions in Asia; the need for democratic nations to show their people that our system of government can deliver good jobs, good pay and prosperity; the net zero transition; and the technological arms race in both its military and civilian contexts.

Based on current data, our direction of travel as a country is not a good one. Only this morning, the Government announced that the UK fell from being the fifth largest exporter of goods and services in the world in 2020, to seventh in 2021. Our trade deficit has ballooned from £2.3 billion to £23.5 billion, meaning that we are exporting fewer goods and services, while being increasingly dependent on other countries for our own supplies. According to the International Monetary Fund only last week, the UK is set to have one of the worst economic growth projections of the seven most advanced economies. Even Russia, to our shame, is projected to experience better economic growth than we are.

Our drop in exports to the European Union, coupled with the Government’s deeply short-sighted decision to agree a trade deal that blocks the sale of most UK-based services to the EU, while allowing the EU to sell services to us, has been a structural blow to the UK economy. In that context, our high levels of national debt, which have increased year on year since the Conservatives came to power in 2010, have put us in a fiscally precarious position. The Government should be ashamed of their record on UK national debt. We all remember David Cameron and George Osborne telling us that the Conservatives would fix the roof while the sun was shining. But what do we have now, 13 years after those promises to the country? A national debt that is projected to be larger than the entire size of the UK economy. A national debt that has increased year on year—yes, in response to covid and the energy crisis, but it was also increasing year on year before those crises.

[Richard Fuller (North East Bedfordshire) (Con)]

It is a great pleasure to be part of this debate and to listen to the hon. Gentleman, and I hope he will not mind me picking him up on this point. He kindly acknowledged that the sizeable increase in UK debt is due to the response to covid, and I do not think he has concerns about the major schemes that comprised that. He also talks about the increase in debt that occurred in the intervening years. Will he accept that for each of those intervening years, the Labour party was calling for more expenditure and more debt?

[Darren Jones]

The hon. Gentleman and I, perhaps surprisingly, share something in common, in that we would like to get the national debt under control. He will recognise that his party was in government for each of those years from 2010 when debt increased, year after year. The Opposition can come forward with policy proposals, but he must take some responsibility for the fact that the Conservative party was in government, taking decisions that resulted in a significant amount of national debt before covid and the energy crisis, due to the mishandling of Brexit, the inadequate trade deal with the EU and to the failure of austerity economics, which cut our public services back to the bone without adequate investment to create opportunities for economic growth in the future.

One might have assumed that in that context, the latest form of Conservative Government would wish to do everything they can to underpin, support and incentivise growth in the UK economy. Their most whizzy recent announcement has been the UK’s entry to the comprehensive and progressive agreement for trans-Pacific partnership for trade in Asia—a trade arrangement that is estimated to grow the national wealth by only 0.08%. It is a trade arrangement with 11 countries, nine of which we already have a trade deal with, and one that will pose due political challenges to the UK as China seeks to join it too.

[Hilary Benn (Leeds Central) (Lab)]

My hon. Friend is making an extremely powerful case. Does he agree that geography still matters when it comes to trade, and if we as a country choose to make our trading arrangements with our biggest trading partner, which is still the European Union, more difficult, more costly and more bureaucratic, that is bound to have an adverse effect on the British economy?

[Darren Jones]

I think everybody recognises that that is completely right, and my right hon. Friend recognises that with both the European Union and the United States, the bulk of our trade exists in this bit of the planet in which we find ourselves. Trade with Asia is welcome, but it will not be able to deliver larger economic opportunities for the UK than trading with our closest partners. Our arrangement with the CPTPP could cause conflicts in future trading negotiations with the European Union because of issues such as embedded carbon in the case of imported goods. Although we might want to do more trade with the European Union in line with our net zero targets, that might cause difficulty with imports from parts of Asia.

[Margaret Ferrier (Rutherglen and Hamilton West) (Ind)]

China’s growing assertiveness on the international stage is rightly cause for concern, and the CPTPP is an example of where the Government need to be cautious. If China is successful in joining, it could block Taiwan’s application in the face of growing tensions between the two. Does the hon. Gentleman believe that the UK Government should formally acknowledge Taiwan’s sovereignty?

[Darren Jones]

I thank the hon. Lady for giving that suggestion to those on the Treasury Bench, and perhaps the Minister can answer when she responds to the debate.

[Richard Fuller]

rose—

[Darren Jones]

I have two examples that are relevant to intervention of the hon. Member for Rutherglen and Hamilton West (Margaret Ferrier), but I will give way one more time, for old times’ sake.

[Richard Fuller]

It’s not that old-time! As the hon. Gentleman will realise, the Benches are not replete with Members for his debate, so I hope he will continue to be generous.

The hon. Gentleman has put his finger on an important issue, and this could be an informative debate on both sides. He has just mentioned one potential conflict between this country’s trade engagements and those of others, regarding our engagement with the European Union and with CPTPP, and different paces of change when dealing with net zero. As Chair of the Business, Energy and Industrial Strategy Committee, will he give the House a little more detail on his thoughts about what this country’s pace should be, and in particular his views on the carbon border tax?

[Darren Jones]

I will do so briefly so that I do not test the patience of the Chair too much, given the number of pages I have left to read before the end of my speech. My initial observations are that it is in the UK’s interest to be a global leader on the net zero transition, both because that is the right thing to do and because it is a significant industrial opportunity, and that we should be partnering with the European Union to do so through our trade deal. In my view—I have not taken evidence on this; it is just my view—that would generate a larger rate of return for the British economy and British people than some of the other opportunities that have been presented.

[Andy McDonald (Middlesbrough) (Lab)]

Does my hon. Friend share my concern that in pursuance of net zero and the decarbonisation agenda, the automotive industry, for example, faces significant challenges in ensuring not only that we have a self-contained supply chain, but that we can engage with the European Union on our doorstep given restrictions on rules of origin? Will that present a difficulty, and is there an opportunity with the review of the trade and co-operation agreement to address that issue once and for all?

[Darren Jones]

My hon. Friend is exactly right, and electric vehicles are a prime example. He and I were in Sweden last week on a Select Committee visit to look at how its electric vehicle battery manufacturing looks in comparison with the UK. If we are to continue to export cars to the European Union, we will have to hit the so-called rules of origin requirements where the components come from local or regional sources. Eventually they will have carbon embedded within them, in order to meet carbon border adjustment mechanisms and net zero targets. It is therefore crucial that the UK Government work with the private sector successfully to deliver that industrial policy outcome, or I fear we will see the near total decline of car manufacturing in the UK. While it is not for me as Chair of the Business, Energy and Industrial Strategy Committee to prejudge the conclusion of its inquiry into this issue, the contrast between what we saw in Europe last week, and what is happening in the UK, was stark.

[Jim Shannon (Strangford) (DUP)]

May I cast the hon. Gentleman’s mind back to his comments about the CPTPP? The Northern Ireland constituency that I represent has a large farming and agricultural manufacturing sector, and we export right across the world. Businesses in my constituency tell me that they are looking forward to opportunities that will potentially arrive from the far east. Does the hon. Gentleman recognise that farming in Northern Ireland has the potential to grow more, and that part of that growth will be in the far east through the CPTPP? If that grows, there will be extra jobs, extra opportunity, and real growth in my constituency and across Northern Ireland.

[Darren Jones]

I have to take the hon. Gentleman’s suggestion at his word as he knows much more about his constituency and farming than I do. If there are export opportunities that is great, but the question is whether that will deliver the wholesale economic growth that we need across the whole UK economy. It will be an important piece of the puzzle, but my proposition is that there is a much broader area where there are problems, and where Government policy is lacking.

In Sweden last week, we learnt about the sheer complexity of delivering a so-called gigafactory for electric vehicle battery manufacturing. We held in our hands, physically, fossil fuel-free iron made using hydrogen, which was being turned into low-carbon steel. I finally saw, after years, a carbon capture facility working, plugged in and capturing carbon in real life. Here in the UK, we just have ministerial statements setting out our intention to be world leading, without anything real or tangible to show for it. The British people will soon realise, if they have not already, that at the end of this yellow brick road set out by the Government there are just Conservative Ministers blowing smoke. The tragedy is that this is not just a dream: it is 13 years of Conservative economic mismanagement that will take years to clean up.

This sorry story is not just about what is happening in the European Union; it is about what is happening in the United States, too. During our Committee visits last year, it quickly became clear that the US is doing what Europe is doing, but on steroids. The Inflation Reduction Act, which is really a green new deal for the United States, sets long-term, multi-decade, easy-to-access tax incentives, grants, loans and market-setting standards to not only drive the net zero agenda but reinvest in the industrial capacity of the United States. This $500 billion multi-decade initiative is acting like a magnet, pulling investment, jobs and businesses into the American economy. Access to those tax incentives, grants and state-level support is predicated on agreements to train and employ Americans in areas that have been crying out for investment for years. In some circumstances, it is even predicated on business owners investing in childcare to help optimise the economic activity of the American labour market, including women.

[Andy McDonald]

Was my hon. Friend not struck by the stark report on Sky News, I think from Ed Conway, from AMTE Power in Thurso, one of the British manufacturers of car batteries? It was indeed attracted by the Inflation Reduction Act, so much so that we risk that factory—a gigafactory we do have—being relocated to the United States. Should that not be sending a signal warning to the Government that time is not on our side?

[Darren Jones]

Once again, my hon. Friend is absolutely right. That is why the European Union has responded to what is happening in America, but what do we have here in the United Kingdom? I tried to be generous to the Government in a collegiate fashion, but the only thing I could find that allowed me to give the Government credit was the recent establishment of the Office for Investment, whose job it is to secure inward investment to the UK. But it has no budget.

As I understand it, when two American businesses looked at the UK as an investment destination, they did not know who to contact. Was it the Department for International Trade, the Department for Business, the Department for Transport, the Treasury, the regional mayor or the local council? The Germans, meanwhile, put together an inward investment package with significant incentives and the Americans presented a map with different options in different states, topped up with significant federal incentives. In the UK, we have an Office for Investment whose job it is to go around Whitehall, cap in hand, trying to put together an offer within existing budgets. The tragedy is that the reason those companies were looking at the UK in the first place was that we have great natural resources: huge potential for low-carbon fuel energy supplies, great industrial clusters, world-leading research and development, and great pools of highly skilled labour. But we just did not compete and we lost out on both investments.

Let me take another example, which we have already talked about: the semiconductor industry. The United States is securing multibillion dollar inward investments, as too are the Europeans. As my Committee concluded in its recent report, while we will never have end-to-end supply chains in the UK, we should be collaborating with our American and European allies to agree that the UK invests in the parts of the supply chain where we excel: chip design and advanced compound semi- conductors. Britain can play a crucial exporting role within a multinational supply chain. So when the Government take decisions to decline or unwind Chinese-linked investments, such as Newport Wafer Fab, they must follow through with finding new investment and new owners. Instead, we have a semiconductor strategy that is now even more delayed than it was already because, as it was reported, Ministers cannot decide who is going to announce it. Meanwhile, other countries are racing ahead of us.

It seems to me that we have Ministers stuck in the headlights of a changing world, convinced that the best thing to do is for the state to get out of the way and let the free market fix our problems, praying that someone, somewhere might find the sunlit uplands of post-Brexit Britain that Conservative Prime Minsters promised to deliver—while our competitors race ahead of us. The question, therefore, is what should we do about it? Beyond the obvious points of having a proper industrial policy, ideally a stable Government, a stable economy and a stable policy framework; beyond the obvious point that we continue to fail to highlight the importance and value of the service economy to our exports—we are the largest exporter of services in the world after the United States—and beyond the obvious point that we must improve our trade deal with the EU, what can we do that is new, global and in Britain’s interests?

We should be leading the debate about a new model of multilateral co-operation between democracies. We clearly already collaborate on defence matters, but what we define as critical supply chains or as critical national infrastructure, what we think resilient supply chains should look like to create economic security for our countries, and how we collaborate as allies and partners to show that democracies will continue to prevail over authoritarian regimes—those issues warrant a new partnership, a new model of multilateral working. It is in Britain’s interest to lead that debate and to play a central role in it.

Some will understandably say that there is a risk of decoupling the existing post-war institutional frameworks. My response is that this is already happening and that Britain can do little to stop it. That does not mean walking away from the UN, the World Trade Organisation or the G7—of course not. And it certainly does not mean Britain should play fast and loose in breach of agreed global rules. But it does mean that we must respond to lead and to influence what happens next.

If this Government had a real mission-led approach to the UK economy, we would see co-ordinated strategic action from No. 10, the Treasury, the Foreign Office, the Department for Business and Trade, the Department for Science, Innovation and Technology, and others. But we do not. We do not see that because the Prime Minister does not have an answer. He cannot tell us what our path to prosperity is, what he thinks our unique selling points as a country are, or how Britain will maintain its standing as one of the largest, most advanced economies on the planet.

I have had the good fortune, over the past few years, of being able to represent our Parliament in many countries. From Brussels to Washington, Sydney to Tokyo and elsewhere, I keep being asked, “Are you guys okay? What’s happening to the UK?” It is embarrassing and it must stop.

[Richard Fuller]

Absolute rubbish.

[Darren Jones]

It is a factual statement. The hon. Member is chuntering from a sedentary position, as I think we say in this House, but I can assure him and the House that on many occasions that is the exact conversation people have had with me.

I hope that the Minister, when she responds, will be able to inform the House, on behalf of the Prime Minister, how this latest round of Conservative Ministers are going to clear up the mess of all the former ones over the past 13 years. The Minister and I know that the opportunities for the UK are there to be taken; that the British people have within them the drive, energy and potential; that our islands and our seas give us the potential not just to lead the net zero transition at home, but to export it abroad too; and that our greatest minds, entrepreneurs and universities mean we can ride the wave of the technological revolution in the interests of the British economy and the British people. We can achieve all those things, but only if Britain has a Government with the leadership, the ideas and the energy to start delivering. I look forward to the Minister’s response.

--- Later in debate ---

[Richard Fuller (North East Bedfordshire) (Con)]

It is a great pleasure to have listened to the contributions so far, not least the contribution just made by the hon. Member for Liverpool, Walton (Dan Carden). I echo his words about the opportunity to strengthen connections, particularly for our young people, between our country and countries in Latin and South America. The area is often overlooked by Government and it is not high on the list for teachers or in what is learned in schools. His calls on the issue are very welcome. On Monday, at the University of Cambridge, I had the opportunity to talk to a group of Argentinian politicians. From their country’s perspective, I know that is something they would welcome as well.

Madam Deputy Speaker, here is my point: it is an afternoon, we have plenty of time, it is an incredibly interesting and broad debate, and it will not have escaped your attention that the Government Benches are not crowded with participants. Therefore, I beg the indulgence of Opposition Members to make a number of points on a series of areas. [Interruption.] The Minister is asking that they be quality contributions, so I shall therefore make my speech even longer.

I will start by addressing some of the points made by the Chair of the Business, Energy and Industrial Strategy Committee, the hon. Member for Bristol North West (Darren Jones), who I think is one of the most talented Members of this Parliament. He and I do have some strong disagreements, sometimes on principle and sometimes on practice. Let me start with two words that encompass the fundamental disagreement we have: industrial strategy.

To the Chair of the Select Committee, industrial strategy is the elixir that somehow unlocks the growth in our economy that proves elusive to all others. Not only that, it is industrial strategy as conceived by the Labour party that somehow has the unique ability to generate growth that perhaps could not be accomplished in other ways. I have always found that intellectual position interesting. When I went to business school and we were given a chance to give three words to describe ourselves to other students, I decided to call myself “arrogant”, because actually at that age—I know it is hard to believe now—I was quite arrogant. But I would never have the arrogance to think that my unique perception of an industrial strategy was the right way to galvanise growth in this country. On that issue, the Chair of the Select Committee and I differ. I would like to hear what he has to say.

[Darren Jones]

The hon. Gentleman is generous in giving way, but as he has put words into my mouth on the record, I ought to correct him, if I may. From our Select Committee’s work on industrial policy and from my comments on that work, it should be clear that I am not somebody who believes that the state is where wealth is created or that the state is in the driving seat of a growing economy. However, when the private sector, which creates wealth, is driving down the road at speed and trying to win the race for workers, customers and shareholders, I recognise that somebody needs to build the public infrastructure for it to succeed if the road runs out.

That opportunity for the state to play an important role in partnership with business is what I refer to as industrial policy. Might I say that it is why so many businesses are talking to the Labour party right now? They are asking for such a partnership with the Government, as opposed to having a Government who stand out of the way and hope the free market will solve all the problems.

[Richard Fuller]

The hon. Gentleman reinforces my point. He is suggesting that if a company chooses to use its shareholders’ money to drive down a road that runs out, somehow taxpayers should pay for the extension of the road. The whole point of capitalist markets is that it is a business’s responsibility if it makes incorrect allocations of capital and its shareholders lose money. It is the job of business and business leadership to have the insight to understand how best to create value for shareholders in the long term.

Businesses are now coming to smart Labour Members—who are desperate to show that after years of hating business the Labour party now thinks prawn cocktails are a nice idea—and saying, “Can you spare us a few bob, mate? We’d like to support your party and we’ve got this really sexy thing we want to do, but frankly we don’t want to use our own capital because we know that the Labour party in government will be suckers enough to use taxpayers’ money to pay for it.”

--- Later in debate ---

[Richard Fuller]

The hon. Lady is right that businesses like certainty—that is absolutely true. Setting a direction, inasmuch as it creates certainty, is useful; more than that, it is a strong part of the foundations. If we go on to talk about climate change in this debate, it may be that questions about national and international strategies and about what our response should be to issues among British businesses, businesses in other countries and multinationals will drive us apart again.

[Darren Jones]

May I invite the hon. Gentleman to reflect, for the benefit of the House, on his recent involvement in the Conservative report on the reform of economic regulators? I was afforded the courtesy of being shown the embargoed report, but I am not sure whether the embargo has now been lifted and I can talk about the report directly.

[Richard Fuller]

indicated assent.

[Darren Jones]

Oh, I can. Very good. The report recognises—I invite the hon. Gentleman to confirm or contest this point—that industrial policy is not just about money, but about policy direction, about regulation by economic regulators and about creating the conditions for business to prosper, for entrepreneurs to create businesses and for innovators to innovate. Industrial policy, as I refer to it, is not about somebody in the Treasury writing a cheque for businesses that should get their money from elsewhere, as the hon. Gentleman suggests; it is about the broader competitive market that needs to be created. Of course the Government and Parliament have a role in creating optimal circumstances for businesses to succeed. Does the hon. Gentleman recognise that?

[Richard Fuller]

I do. Again, the hon. Gentleman is showing that there are a number of areas in which we can find agreement on the details.

Let me focus on the point about regulatory policy, because it is an important one. A group of Conservative MPs have put together a report calling on the Government to look at how we deal with the stock of regulation, the process of making regulation and my particular area of interest, the accountability of regulators for performance. As Chair of the Select Committee, the hon. Gentleman will be well aware of our interactions with our regulators. Effective regulation, by which I mean regulation that is regularly, systematically and rationally appraised, plays a role in the competitive advantage of the United Kingdom. It is an area that we have locked away, saying, “It’s not nationalisation, it’s not the free market—it’ll do okay.” Those days need to come to an end, because too much of our economic output happens in sectors that are subject to regulators whose performance directly affects the ability of our country to compete.

[Darren Jones]

indicated assent.

[Richard Fuller]

The Chair of the Select Committee nods. It is nice to have an area of agreement.

Let me move on to the second area about which the hon. Gentleman spoke: the Inflation Reduction Act and the associated EU measures. As he well knows, that Act represents a $370 billion commitment of US federal funds, or their equivalent in tax credits. It followed the Infrastructure Investment and Jobs Act of 2021, which meant $1 trillion of investment, not only in infrastructure but in green energy. By purchasing power parity, the US economy is approximately six times the size of the UK’s. An equivalent response, which is what the hon. Gentleman says we need, would essentially require writing a cheque for £40 billion, £50 billion or £60 billion. If industrial strategy is not about expenditure, what are we supposed to be doing to compete, other than putting in that amount of money? There seems to be a part missing.

The hon. Gentleman also spoke about inward investment and said that we should be sharpening up our act. He is absolutely right. In countries such as Germany, which he mentioned, the package on offer to those who are interested in investing is not just a financial package, but a coherent one. When someone looks into making an inward investment, there are people to sort out all the Government intricacies for them at a single point on day one. That is how the UK did it when Margaret Thatcher was leading efforts with Lord Young, but over the intervening years we have made things a little too complicated and we have not found our way. I would be interested to hear the Minister address that point; it may not be directly in her remit, but it would be interesting for all hon. Members present to know the Government’s view. What are the Government doing to make sure people know that the UK can take a foreign company from thinking it wants to invest in this country to actually getting going and investing in this country, whether that involves, say, bricks and mortar or servers? What can we do to make that easier?

I know this sounds as though I am picking the hon. Gentleman’s speech apart. I am not picking it apart but asking questions about it, and I trust he is happy with that. He talked about economic security and collaboration. I think the short-term version of that is called friendshoring, which essentially means saying, “Let us conduct a geopolitical review of important strategic supply chains, and then let us be smart and make sure we are doing business with countries that are our allies.” That is a massive change, because there is no clarity about what the extent of friendshoring areas should be. Does this apply only to strategic industries determined by the United Kingdom, or is it imposed on the United Kingdom because other friends think we should be doing business with someone else? Are we prepared as a country to outsource the way in which British companies do business to the Government of the United States?

--- Later in debate ---

[Richard Fuller]

Obviously not with Russia. We have already imposed substantial trade sanctions on Russia, and I think there is consensus in the House about what our response should be when one country invades another. However, to conflate Russia with China, which has not, as far as I know, invaded another country, is to move into a different area. My point is philosophical: the United Kingdom’s history of success has been as an open trading nation, and the current push, in this country and others, for us to engage in friendshoring strikes me as a significant change from the way in which, historically, we have created wealth.

[Darren Jones]

The point I made in my opening remarks was that we should recognise, with some humility, that Britain can have only so much influence on these global trends. The hon. Gentleman is inviting us to conclude that were we to do more deals with our friends and allies, as I have suggested, those arrangements would be dictated by other countries; I think he was alluding to the United States of America. My response to that is that Britain should therefore lead the debate, and be involved in how this is developing across the world. If we just sit back and wait to see what happens, we will end up having no influence over the way these things are being designed, which, by definition, will be dictated by others who are leading the global debate. I am suggesting that we, as a smaller country, have global clout, and should be convening and leading that debate.

[Richard Fuller]

That is a brilliant point well made, and characteristic of the hon. Gentleman’s understanding and grasp of these issues. He has put his finger on it. I, for my part, am merely raising questions and concerns about the perils of doing something that others may see as somehow buttressing our national security and doing what is right by us. This is not a road we can go down without trade-offs, and there will be some significant trade-offs if we take that road. However, I think the suggestion that we should be an active participant while those discussions are going on is very sensible.

Let me return to the question of money, and the current issues involving the so-called Inflation Reduction Act and the EU. A significant proportion of the funds spent by other countries are being spent on what I would term competitive discovery, which means looking at possible solutions when we do not yet have the solution to a problem. I would place that at the higher end of the risk investment spectrum, and would therefore approach it with caution. It is like dotcom for the green era—not in all sectors, and not all the money is being used for that purpose, but a considerable amount of what we need to do if we are to achieve net zero will require money to be spent on the discovery of solutions.

I am leery of the idea that British taxpayers’ money should be stacked up in competition with taxpayers’ money from EU member states and from the United States. Let me use that dotcom analogy again. When there is a big rush of substantial amounts of funds into discovery on a global scale, yes, there are winners, but an enormous amount of capital is wasted on losers. We have heard, in other debates, Members pushing us to do what President Biden is doing, or saying that we should be doing the same as the EU. Politicians need to remember that that means taking taxpayers’ money which could be spent on education or healthcare, and putting it in the casino of winners and losers in the green tech revolution. We need to be very cautious about spending money in that way.

--- Later in debate ---

[Darren Jones]

I thank Members for their interventions, contributions and—dare I say—compliments, for which I was very grateful. I think we all agree that the world has changed. The question is: what next for Britain? From empire, to Europe, to what? A new chapter in our long history. Clearly, there is disagreement on both sides of the House about the state of the UK economy, but the Labour party knows that the data shows 13 years of economic decline, and that that must change. That change will come, we hope, with a new Labour Government.

Question put and agreed to.

Resolved,

That this House has considered international trade and geopolitics.