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
Minister of State (HM Treasury)
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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