A Bill to make provision about the marketing or use of products in the United Kingdom; about units of measurement and the quantities in which goods are marketed in the United Kingdom; and for connected purposes.
Asked by: Lord Leong (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they have taken to protect UK businesses from potentially being locked out of new markets created by the Inflation Reduction Act in the absence of a free trade agreement with the United States of America.
Answered by Lord Offord of Garvel
We have been working with the U.S. on the Inflation Reduction Act including through negotiations on a Critical Minerals Agreement.
UK firms are already part of U.S. supply chains, and we are a net exporter of raw materials for batteries to the U.S. This agreement will support UK based firms to continue to supply the large U.S. market for these materials.
Asked by: Lord Leong (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the forecast by the Office for Budget Responsibility on 15 March that UK exports are due to fall by 6.6 per cent this year.
Answered by Lord Offord of Garvel
We consider the OBRs forecasts in the context of our commitment to drive forward export growth and achieve our ambition to reach £1 trillion exports by 2030.
UK exports increased by 16% in current prices to £849bn in the 12 months to July 2023, compared to the previous 12 months.
This growth won't stop there, as my Department continues to support companies to export through our Export Support Service, International Trade Advisers and the Export Academy. Through Government and Business working together, we can continue to grow and achieve our ambitions.