Stephen Metcalfe
Main Page: Stephen Metcalfe (Conservative - South Basildon and East Thurrock)Department Debates - View all Stephen Metcalfe's debates with the Department for Education
(13 years, 8 months ago)
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Stephen Metcalfe (South Basildon and East Thurrock) (Con)
3. What steps he is taking to increase United Kingdom Trade and Investment’s share of world trade.
The Secretary of State for Business, Innovation and Skills (Vince Cable)
UK trade increased by 55% in real terms between 1998 and 2008. None the less, the relative share of world trade declined from 5.7% to 3.9%. Our recent trade and investment White Paper sets out how we will assist exporters, focusing UKTI and new trade finance products on small and medium-sized enterprises.
Stephen Metcalfe
A businessman in my constituency has traded successfully in north Africa for many years, but now does not know when his invoices will be paid, which affects his cash flow and business viability. Will my right hon. Friend consider introducing some form of payment guarantee scheme that will give SMEs the confidence to increase their share of world trade in the knowledge that they will be paid for it?
Vince Cable
I am aware of the firm that my hon. Friend describes and of its difficulties in Libya. If companies are operating in difficult markets, such as Libya, they are advised to take out trade insurance. Where the market cannot provide that, the Export Credits Guarantee Department will underwrite it. We are expanding the range of ECGD products and the Treasury has authorised payments to companies in Libya for which insurance is due.