Viscount Waverley
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(3 years, 9 months ago)
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Viscount Waverley (CB)
My Lords, I have not jumped ship. My contribution today focuses on trade, which is central to the economic recovery—yet there was little mention of it, except for freeports, which, in the grander scheme of things, are peripheral, with marginal economic benefits. I would commend a more ambitious approach, with investment from government.
The Budget was an opportunity to send a signal of intent that the Government mean business and to outline a trade-driven recovery, setting out a vision and how that vision would be funded. It is also essential that there is a clear industrial strategy underpinning a comprehensive trade strategy. However, we are now faced with the Government having abandoned their industrial strategy. How are we to build new green industries, generate jobs and drive exports effectively without an industrial strategy? Trade affects every walk of life, and it is essential that policy embraces a comprehensive strategy that addresses the ambitious goals of the United Kingdom at large.
The Department for International Trade cannot be expected to do everything. Secretary of State Truss has pipped me to the post this morning with a round robin announcing that the Board of Trade has launched its first report, Global Britain, Local Jobs. Recommendations have been set out to
“unleash the UK’s full exporting potential and propel jobs and growth across the country.”
Although time has not permitted me to digest the detail, it is a commendable initiative and deserves our support. I hope that the Government have focused on where they should by adding the most value for the taxpayer and industry, driving their prime responsibility: creating the conditions to ensure that business thrives. This could include a rethink of the role of DIT and how it might work more effectively with the private sector, leveraging public finances to attract private sector resources.
Therefore, the Budget was a missed opportunity, compounded by exports having collapsed in the last 12 months—notwithstanding the Minister’s confirming that the UK is set to return to pre-crisis levels earlier than expected—with exports to the EU plunging by £5.6 billion since Brexit.