UK Trade Performance

Miriam Cates Excerpts

Wednesday 1st May 2024 Commons Chamber

[Kemi Badenoch]

Yes, that is right. With our FTAs, we are trying to ensure that we deliver for businesses; if businesses are not happy, those FTAs will not work. The FTAs are going to be used by businesses, not by politicians—it is not about the photos that are taken.

I thank my hon. Friend for the meeting he organised yesterday with representatives of the ceramics industry and ceramics producers in his constituency. We understand the difficulties that they face, with energy costs having risen following the war in Ukraine, and we are doing everything we can; I talked about the supercharger, which should help to deliver for those who are electricity users. We understand the changes and burdens that net zero is placing on those businesses, and are doing everything we can to mitigate them as we try to deliver that target.

[Miriam Cates (Penistone and Stocksbridge) (Con)]

Like all of my colleagues, I warmly welcome my right hon. Friend’s statement, and very much welcome her focus on the balance of trade. We do not talk enough about that; we forget that until 1997, this country had a broadly neutral or positive balance of trade, but between 1997 and 2010, that balance went very negative. We have struggled to restore that balance, which has made us dependent on foreign debt and our economy fragile, so I very much welcome these figures—it looks like we are turning the tide.

I also welcome my right hon. Friend’s focus on manufacturing, which has a very important part to play in our balance of trade, but we must not forget about the small manufacturers. She has rightly focused on the larger ones, but nearly 6,000 jobs in my constituency are dependent on export. What help is available from the Government to help smaller manufacturers, which often face more barriers to exporting, to also be part of this excellent recovery?

[Kemi Badenoch]

My hon. Friend makes a very good point. Through our export strategy, we are doing a lot to provide support for businesses that may not be familiar with exporting or that need additional help. We do that work with our trade commissioners in every region around the world, as well as with international posts.

One thing we have said in the Department for Business and Trade is that this is the year of the small and medium-sized enterprise. Quite a lot of the time, the news that we give is about the big billions for the FTSE 100 companies, but most people who work in this country work for small and medium-sized businesses. That is one reason why we want to reduce the threshold at which they count for the purposes of corporate reporting and regulations, which should make their lives easier and give them fewer barriers to trade. It will help them to improve their exports, as well.

Bill Presented

Russian State Assets and Reconstruction of Ukraine Bill

Presentation and First Reading (Standing Order No. 57)

Rehman Chishti, supported by David Morris, Afzal Khan, Dr Matthew Offord and Henry Smith, presented a Bill to make provision about the seizure, freezing and transfer of Russian state assets; to require the Secretary of State to publish proposals for the use of such assets for the reconstruction and rebuilding of Ukraine, including an assessment of the needs of Ukraine; and for connected purposes.

Bill read the First time; to be read a Second time Friday 17 May, and to be printed (Bill 211).