Asked by: Lord Kennedy of Southwark (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have for free trade zones in the UK.
Answered by Baroness Fairhead
We will consider all options that have the potential to support trade and promote economic growth, including free trade zones. We will carefully examine the advantages and risks associated with them before any final decision is made.
Asked by: Lord Kennedy of Southwark (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government what assessment they have made of the effects on the British economy of a trade war between the EU and the United States.
Answered by Baroness Fairhead
Increased tariffs can have damaging impacts on our domestic industries as well as on consumers. Further escalation of trade tensions between the EU and US would be damaging to both the EU and US economies.
The Government has been engaging directly with the US administration, including through 5 Ministerial visits to the US, meetings with senior administration figures and the recent visit of President Trump to the UK.
We welcome the agreement between President Juncker and President Trump to open negotiations to avoid further escalation that would harm businesses and consumers.
Asked by: Lord Kennedy of Southwark (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty's Government what has been the take up to date of finance available to small and medium enterprises and companies through UK Export Finance.
Answered by Baroness Fairhead
UK Export Finance (UKEF) publishes details of its support on an annual basis in its Annual Report and Accounts which are presented to Parliament and can be found on its website, which can be found here: https://www.gov.uk/government/collections/uk-export-finance-annual-reports-and-accounts
In 2016-17, 79% of UK companies supported by UKEF were small and medium-sized enterprises.
Asked by: Lord Kennedy of Southwark (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty’s Government what action they are taking to ensure that no illegal torture equipment is sold at arms fairs held in the UK; and, when such sales occur, what action they take.
Answered by Lord Price
The Export Control Organisation (ECO) in the Department for International Trade works closely with the organisers of the world’s leading event for the defence and security sector (Defence and Security Equipment International), held bi-annually in London, to ensure that exhibitors are aware of their legal obligations in respect of illegal torture equipment. To date these arrangements have been covered by a Memorandum of Understanding between the organisers and Export Control Organisation.
HMRC, which is responsible for enforcing export controls, and DIT maintain a presence at the bi-annual event to monitor compliance. HRMC, has appropriate powers to take a range of enforcement action in the event that controls are breached or there is an allegation that controls have been breached.
In addition, ECO personnel also routinely attend other defence sales events in the UK to raise awareness among both exhibitors and other attendees of their export control responsibilities.
Asked by: Lord Kennedy of Southwark (Labour - Life peer)
Question to the Department for International Trade:
To ask Her Majesty’s Government how many trade missions they have organised since 2010; and what is their estimate of the added value to the UK economy of each one.
Answered by Lord Price
The Department for International Trade, formerly UKTI, has supported 7,181 unique businesses through outward missions and 4,333 unique businesses through inward missions since the financial year 2010-11 through to end FY2015-16.
The estimate for the total anticipated value of outward missions since FY2010-11, based on firm-level data collected through our internal DIT (UKTI) client survey, is £6.42 billion in additional sales. This equates to an average of £893,000 in additional sales per unique business supported.
The comparable estimate for inward missions is £2.64 billion in additional sales since 2010-11. This equates to an average of £609,000 in additional sales per unique business supported.