Trade: Import Substitution

Lord Bilimoria Excerpts

Wednesday 19th March 2014 Lords Chamber

[Viscount Younger of Leckie]

The Government recognise the scale of the trade deficit as a problem that only a substantial expansion in exports will fix. Building upon the work of my noble friend Lord Green, my noble friend Lord Livingston has refreshed UKTI strategy to focus on helping more medium-sized companies into overseas markets, thereby delivering up to £50 billion-worth to the economy.

[Lord Bilimoria (CB)]

My Lords, the noble Lord, Lord Harrison, mentioned Bentley, which is now moving the manufacture of all its 12-cylinder engines from Germany to the UK. Is that not marvellous news? In declaring my interest in my own business, we used to manufacture the vast majority in Europe and then reshored because Burton-on-Trent is capable of producing the best beer in the world. The Chancellor mentioned manufacturing in great positive terms in his speech today. What are the Government specifically doing to encourage manufacturing in this country that will help reshoring and help our exports?

[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.