United Kingdom: Exports
Debate between Lord Howell of Guildford and Viscount Younger of Leckie
Viscount Younger of Leckie
The noble Lord will be aware that we are very much aware of that. Like all major developed economies, the UK does not operate an exchange-rate-targeted monetary policy regime, and has not done so since 1992. The relationship also between exchange rate movements and trade flows is somewhat ambiguous, and evidence suggests that export growth is driven more by changes in foreign demand than by price competitiveness.
Lord Howell of Guildford (Con)
Does my noble friend appreciate that not only does the 40% figure probably largely underestimate the service content in all our manufactures, as well as the major element of equipment and knowledge expertise in all our exports, but that the vast majority of growth in that area is occurring in the huge new markets of Asia and Africa and in the English-speaking Commonwealth network? Will he ensure that his colleagues in all the departments concerned with promotion of services overseas, including the UKTI itself, work harder than ever to focus on that priority and to ensure that we succeed in those markets, where our future will be largely determined?
Viscount Younger of Leckie
My noble friend is right that, through the efforts of UKTI, our focus goes very much beyond the eurozone and the European economy. Despite the tough conditions, UK exports to emerging economies have increased in recent years. It is very pleasing to note that, since 2010, UK exports to the Far East—to China—have increased by 52%, to India by 24% and to Brazil by 37%. However, there is still much more work to do.
Businesses: Employee-shareholder Scheme
Debate between Lord Howell of Guildford and Viscount Younger of Leckie
Viscount Younger of Leckie
My noble friend would expect—and will not be surprised—to hear me say that it is not my department’s responsibility to formulate tax policy, and that the figures that were given during the course of discussions on the Bill were very much estimates.
Lord Howell of Guildford (Con)
My Lords, while employee share schemes may be less than perfect, and we have heard some negative remarks about them, does the Minister accept that the concept of spreading ownership as widely as possible in our society, turning earners into owners and enabling all parts of society to share fully in the asset growth of the nation is a very good theme that all parties, and their leaders, should strongly encourage, as we have sought to do in the past?
Viscount Younger of Leckie
My noble friend makes a very important point. Indeed, it is true that businesses where employees have a stake in the company have been seen to perform better than those where that is not the case. The employee ownership index has outperformed the FTSE all-share by an average of 10% since 1992, so successful employee-owned businesses do see the engagement of the workforce as an integral feature of how the business is run.
Olympic and Paralympic Games 2012
Debate between Lord Howell of Guildford and Viscount Younger of Leckie
Viscount Younger of Leckie
I take note of what the noble Lord has said. I do not want to go into the cuts element of that, but say only that I wholeheartedly agree with him that the military stepped into the breach, as it were, extremely readily, again with smiles, and that they should be wholeheartedly congratulated.
Lord Howell of Guildford
My Lords, I wish to reinforce what the noble Lord, Lord Wigley, has said. Will the Minister bear in mind that the Commonwealth Games in Glasgow in 2014 will be a spectacular event and a major help to this country vis-à-vis its position in the Commonwealth network, which is growing in strength at all times? The fact that one of the biggest indoor athletic stadiums in Europe has been built bang on time and well within budget is a major achievement. Will the Minister tell all his colleagues in government that it should be supported to the maximum and that the public should give all the encouragement to it that they gave to the Olympic Games?
Viscount Younger of Leckie
That is very much noted. I thank the noble Lord very much; he is absolutely right.