Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether her Department has made an assessment of the potential merits of the contribution of the services sector in Meriden constituency to (a) exports and (b) economic growth.

There is currently no data at the constituency level available to assess the potential merits of the contribution of the services sector in Meriden constituency to exports and economic growth.

The UK is a highly service-based economy and the second biggest exporter of services in the world, with the sector contributing to around half of UK exports and 80% of our economy. In 2022, UK services exports were a record £401 billion, up 4% compared to 2018 (adjusted for inflation) – one of the stronger recoveries in the G7. We are working with the Office for National Statistics and HM Revenue and Customs to improve estimates of trade at the smaller geographies.

The department works closely with local partners, including Solihull Council and the West Midlands Combined Authority, to identify and nurture opportunities for economic growth. The Combined Authority has been allocated in excess of £105m in funding from sources such as UK Shared Prosperity Fund, Made Smarter and Growth Hub to provide local support which would help companies to grow. This includes the professional and financial services sector, which has been identified as a key sector in the West Midlands Combined Authority’s ‘Plan for Growth’.