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To ask the Secretary of State for International Trade, what steps he is taking to help protect UK businesses from unfair competition in export markets.
To ask the Secretary of State for International Trade, what steps he is taking to help protect UK businesses from unfair competition in export markets.
What recent progress he has made on the development of the Government's export strategy.
What recent progress he has made on the development of the Government's export strategy.
It is a pleasure to join a Government Front Bench full of fresh young talent—even if I am not among them. I pay tribute to my predecessor, my hon. Friend the Member for Wyre Forest (Mark Garnier), who showed tremendous commitment to investment promotion to the benefit both of his constituents and the nation as a whole.
Baroness Fairhead, the Minister of State for Trade and Export Promotion, is currently engaging closely with businesses to inform the creation of the new export strategy. Reporting in the spring, the strategy will ensure that the Government have the right financial, practical and promotional support in place to allow businesses to benefit from growth opportunities, generating wealth and wellbeing for the whole of the UK.
I thank the Minister for his answer. I congratulate him on his promotion—I am sure he will do well—and I invite him to Mid Derbyshire at some point on his way back to his constituency. How will the Minister ensure that United Kingdom Export Finance is an integral part of the new export strategy?
I thank the Minister for his answer. I congratulate him on his promotion—I am sure he will do well—and I invite him to Mid Derbyshire at some point on his way back to his constituency. How will the Minister ensure that United Kingdom Export Finance is an integral part of the new export strategy?
I am grateful to my hon. Friend for her question, and I pay tribute to her for all her work promoting businesses in Derbyshire and beyond. UK Export Finance’s mission is to ensure that no viable UK export fails for lack of finance or insurance, and UKEF is at the heart of our export strategy. Today, I am pleased to announce an even more flexible local currency offering from UKEF to help UK exporters to compete for major overseas contracts. Finance is now available in 62 currencies for purchases from the UK, in addition to pounds sterling, which is an increase of 19 currencies, following the 30 added at the 2016 autumn statement.
Export week was launched by my colleague Lord Green in May and included over 80 events across the UK, attended by more than 3,600 businesses focusing on 20 high-growth markets.
I attended one of the 80 events, in Derbyshire in the east midlands. There were fewer than 100 people there, and not one from my constituency. UK Trade & Investment has been given additional funding. Will my right hon. Friend explain what it is spending that funding on, and why it is not reaching out? It is all right exporting from the south of the country, but we need to look to the midlands and the north too.
I attended one of the 80 events, in Derbyshire in the east midlands. There were fewer than 100 people there, and not one from my constituency. UK Trade & Investment has been given additional funding. Will my right hon. Friend explain what it is spending that funding on, and why it is not reaching out? It is all right exporting from the south of the country, but we need to look to the midlands and the north too.
My hon. Friend is absolutely right on the importance of reaching out to businesses in her constituency and across the midlands. Indeed, we are trying to strengthen the ability of chambers of commerce located in our key target markets to communicate with small and medium-sized enterprises back home. We are specifically helping smaller companies with the cost of going to their first international trade fair, as not enough of them take that important opportunity. We are seeing the benefits, with exports to target markets up by 49% in Brazil, up 130% in Russia, and up 60% in India.