Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to support British manufacturing firms to diversify into new (a) consumer and (b) overseas markets.

The Government’s Industrial Strategy has set out a long-term approach to boost the UK’s productivity growth and ensure that we’re building an economy fit for the future. Our White Paper has set out a range of measures aimed at increasing investment from the private and public sector and includes a commitment to increase total R&D investment to 2.4% of GDP by 2027. The Government will support UK priorities in key areas of innovation through investing in the Industrial Strategy Challenge Fund, with over £1.7bn committed so far through the first two waves. One example is the £246m Faraday Battery Challenge to position the UK to be at the cutting edge of battery technology. We have also just held an open Expressions of Interest process for potential programmes for a third wave of the Challenge Fund.

As we leave the EU we remain committed to making the UK the best place in Europe to own and grow a business. The Department for International Trade (DIT) and the Department for Business, Energy and Industrial Strategy (BEIS) have dedicated teams who promote the UK as a destination for investment into manufacturing and to boost trade from UK manufacturing companies abroad. In 2016/17, on marine, for example, the DIT High Value Campaign programme secured around £214 million of UK Exports; the Aerospace team supported over £7 billion of aerospace exports; and the DIT rail team recorded overseas export wins to the value of £323million, including manufactured goods.