Balance of Payments

(asked on 5th February 2026) - View Source

Question to the Department for Business and Trade:

To ask His Majesty's Government what consideration they have given to establishing a unit to promote import substitution; and what assessment they have made of the potential for such a unit to improve the UK's balance of payments.


Answered by
 Portrait
Lord Stockwood
This question was answered on 11th February 2026

Our modern Industrial Strategy is a 10‑year plan to back the UK's strengths and realise our potential, creating a connected, high‑skilled, and economically growing country. We are also establishing a new Supply Chain Centre to analyse key inputs for priority sectors, assess future demand and identify where action is needed to increase our economic resilience - such as building domestic capability, diversifying supply routes and forming strategic international partnerships to ensure resilient and competitive supply chains. We will announce more details in due course.

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