United Kingdom: Exports

Lord McFall of Alcluith Excerpts

Thursday 8th May 2014 Lords Chamber

[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.

[Lord McFall of Alcluith (Lab)]

My Lords, with 70% of all Scottish exports going to the rest of the United Kingdom and 600,000 jobs in Scotland depending on the link with the rest of the UK, not least 200,000 financial services sector jobs, what are the Government doing to inform people of this successful entity and to ensure the continuation of what has been the most successful currency union in the world for 300 years?

[Viscount Younger of Leckie]

I acknowledge what the noble Lord says. As he will be aware, the UK’s position is that Scotland is stronger in the UK and the UK is stronger with Scotland in it. As part of the UK, Scotland has a stronger place in the world and is a major player on the international stage. As the noble Lord alluded to, the rest of the UK is the primary destination for Scottish exports, accounting for around 70% of Scottish exports, worth around £48 billion in goods and services. Scotland as an export destination accounts for approximately 10% of exports from the rest of the UK.