Lord Stevenson of Balmacara
Main Page: Lord Stevenson of Balmacara (Labour - Life peer)
Lord Popat
My Lords, we look at emerging markets very carefully, particularly the BRIC markets and especially India and China. In fact, both the Chancellor and the then Foreign Secretary were in India meeting the new Prime Minister, Narendra Modi, to see what we can do to export more to India. Our trade with India is to the tune of about £17 billion now in a two-way bilateral relationship. This is the area we want to increase year after year. Our target for 2015 is £25 billion.
Lord Stevenson of Balmacara (Lab)
My Lords, can the Minister confirm it is still the Government’s intention to double exports to £1 trillion by 2020? Given that, can he assess the contribution to that target that is going to be made by the £5 billion export refinancing scheme, which was launched in July 2012 and is yet to help a single company, and the £1.5 billion direct lending scheme launched seven months ago, which has received only one application?
Lord Popat
My Lords, it is true that the Government’s target is to achieve the £1 trillion export level by 2020. That is quite a challenging and ambitious target, and we will continue to work towards it. We are developing an economic road map to the £1 trillion target and we will draw on this to inform our priorities for the future. We are also investing huge sums of money in UKTI, which is actively pursuing measures to make sure that British companies are able to export abroad. Most importantly, the recent initiative of onshoring—bringing production back from other countries to the UK—will help our export ambition.