Industry and Exports (Financial Assistance) Bill

Alan Strickland Excerpts

2nd reading
Monday 15th December 2025 Commons Chamber

[Alan Strickland (Newton Aycliffe and Spennymoor) (Lab)]

I am pleased to speak in support of the Bill, particularly as a Member of Parliament representing a proud manufacturing seat. Our country as a whole has a proud tradition as one of the world’s leading trading nations, and exports remain a critical part of our modern economy.

Here at home, British companies continue to lead the way through innovation, research and development and high-tech manufacturing, building on our rich industrial history, but we all know that the global marketplace is changing rapidly, so it is crucial that to deliver the Government’s growth mission to spread prosperity across the country—including to constituencies like mine in the north-east—Ministers have the flexibility they need to support businesses in a changing world. That includes the provisions in the Bill to increase the funding cap for Government support to industry and increase the financial support provided by UK Export Finance to British businesses.

There are three reasons why these changes are important. First, it is crucial that we can support UK firms to compete in an increasingly complex and contested global economy, as other hon. Members have mentioned. As we see the growth of tariffs and protectionism making world markets harder to navigate, it is right that UK Export Finance should have an increased ability to provide the financial support that exporting businesses need.

I see that in my own constituency, which is home to a number of world-class companies who trade their products all over the world. Between them, they employ many thousands of local residents. They include innovative SMEs such as Filtronic, which recently secured a £47 million global order for satellite communications technologies; Kromek, which supplies radiation and biological weapon detection equipment to the US, Ukraine and our European allies; and Roman in my home town of Newton Aycliffe, whose showers and bathroom products are sold to hotel chains all over the world. Those manufacturing businesses, designing the next generation of products—each leaders in their respective fields—are exactly the enterprises that we as a Government want to encourage and support. That is why increasing the limit on UK Export Finance funding, and the Government’s wider work on these matters to support modern manufacturing, is so crucial.

Secondly, I am proud that the Government are prepared to intervene to support British business to thrive, acting confidently to crowd in investment and to step in to support the long-term future of major industries. Unfortunately, as we have seen over many years in the north-east, that stands in sharp contrast to the previous Conservative Government, who too often stood by while businesses failed, jobs were lost and regional economies were damaged when strategic intervention by the state could have made all the difference.

Of course, this is not a power that should be used lightly, but it can be an important tool when Government intervention can be the deciding factor. We have seen the value of this approach since Labour came to office in the decisive action taken at British Steel in Scunthorpe and at Jaguar Land Rover in the west midlands. I am proud that this Labour Government do not just talk about supporting modern industry but roll up their sleeves and get on with it.

The third and final reason is that while innovation, ingenuity and industrial prowess are found across our nation, for too long that has not been matched by an equitable spread of Government support across the many communities we serve. Since the election, I have been pleased to see UK Export Finance and other Government funds support businesses in a wide range of communities, and financial support for industry provided in traditional manufacturing areas that have often previously missed out. To kick-start growth and ensure that that growth benefits everyone, it is important that innovative firms are supported wherever they are found.

In conclusion, this Bill is very welcome, and as we work hard to support British firms in an increasingly complex global economy, it is vital that we give Ministers and Government bodies the flexibility they need to respond in an effective and agile way. The Minister said that this is a straightforward Bill, but as part of the wider package of measures we are taking to support industry and exports, the positive impacts that these measures could have on growing our economy and supporting UK business will be incredibly important.