Oral Answers to Questions
Debate between John Howell and Liam Fox(5 years, 5 months ago)
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Dr Fox
I thank the hon. Gentleman for his kind words. He is right—where we are able to take advantage of the innovation coming out of universities, we should make every attempt to do so. One reason that international investors give for putting money into the United Kingdom is the access to high-quality innovation that comes from the collaboration between industry and academia. Where we can take full advantage of that, including with bilateral relations elsewhere, we should do so.
John Howell (Henley) (Con)
The Secretary of State has already mentioned the UK-Israel Tech Hub, which is the first of its kind and has already generated business of £85 million. How does he see that developing over the coming years?
Dr Fox
I see it going from strength to strength, and as greater investment goes into both economies we will be able to scale up the innovation and creativity that is clearly shown in the tech sector. That will be of benefit not only to our two countries, but to the wider global economy.
US Steel and Aluminium Tariffs
Debate between John Howell and Liam Fox(6 years, 5 months ago)
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Dr Fox
I am very grateful to the hon. Gentleman for his comments. He is right that we have to have the TRA up and running. As he knows, we have now advertised for the most senior appointments and agreed its setting in Reading.
On the wider economic issue, the hon. Gentleman is absolutely correct. It is impossible, in an open and free trading system, that all economies will be in balance with one another. Surpluses and deficits are part of the allocation of resources that happens inside a free market. Were we all to aim for a trade policy where everybody was in balance, it would not be a free trading system. Apart from anything else, consumers would soon feel the detrimental effects of such a system.
John Howell (Henley) (Con)
Picking up on that point, will not a system of retaliatory tariffs hurt consumers more than anything else, and will it not be ordinary workers who suffer? Is the Secretary of State as concerned about that as I am?
Dr Fox
As my hon. Friend knows from being a trade envoy to Nigeria, it will not just be those in developed countries who feel the effects if this has a slowdown impact on the global economy. If we have tariffs, countermeasures and then measures against the countermeasures, it is very easy to see how the situation could ramp up into a global trading disaster. We need to try, in the time ahead, to get the United States Government to change their mind—to listen to the voices coming from American business and the American Congress about the damage that may ultimately be caused inside the American domestic economy.
Oral Answers to Questions
Debate between John Howell and Liam Fox(7 years, 9 months ago)
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Dr Fox
We are already playing a full part in that. Britain played a major role in the World Trade Organisation’s arrangement that is going to come into effect in just a short time—the trade facilitation agreement. It will be worth about £70 billion to the global economy, and for some of the poorest countries, such as those in sub-Saharan Africa, it will be worth about £10 billion. We made a major contribution to that, and we should be very proud of it.
John Howell (Henley) (Con)
I have a role as the Prime Minister’s trade envoy to Nigeria. In the context of fair trade, will the Secretary of State join me in encouraging the Nigerian Government to share the benefits of trade more widely with their people?