Oral Answers to Questions

Graham Stuart Excerpts

Thursday 22nd February 2018 Commons Chamber

[Gillian Keegan (Chichester) (Con)]

7. What progress he has made on his Department’s overseas direct investment strategy.

[The Parliamentary Under-Secretary of State for International Trade (Graham Stuart)]

We are making great progress on supporting UK businesses to invest overseas, as this can have a substantial positive effect on the UK economy. The Department for International Trade has developed a suite of products and services that address market failures, to support British businesses.

[Gillian Keegan]

What update can the Minister provide on his Department’s overseas direct investment pilots? Will he also explain what opportunities ODI offers to British businesses?

[Graham Stuart]

My Department’s ODI support pilots have successfully demonstrated the impact that the Government can have in supporting UK businesses to overcome barriers to market access and to expand overseas. By harnessing the private sector wherever possible and focusing Government interventions only on market failures, my Department has successfully supported overseas investment for a range of UK businesses in six global markets.

[Mr John Hayes (South Holland and The Deepings) (Con)]

8. What recent estimate he has made of the UK’s trade deficit in goods and services.

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[The Parliamentary Under-Secretary of State for International Trade (Graham Stuart)]

Britain’s relationship with Israel is stronger than ever, with record levels of bilateral co-operation in trade, investment, science and technology. As my hon. Friend rightly says, the UK-Israel trade working group is making good progress in ensuring continuity in our trading relationships as we leave the EU.

[Jim Shannon (Strangford) (DUP)]

T2. Bearing in mind the upcoming Israel Apartheid Week in universities, of which a boycott of Israel and its products is a big component, will the Minister outline how he intends to enhance trade with Israel for our mutual benefit and offset that destructive campaign by the anti-Israel movement?

[Graham Stuart]

We strongly welcome our ties with Israel, as does the hon. Gentleman. As has just been said, the Department has established a joint trade working group, and we continue to liaise closely with the Israeli Government to strengthen trade, investment and other ties between this country and Israel.

[Peter Heaton-Jones (North Devon) (Con)]

T4. Next Friday, I will be attending the COMBEbusiness event, which showcases the brilliant small and medium-sized enterprises in north Devon. What is the Department doing to attract international investment to those businesses, which form the bedrock of the south-west’s economy?

[Graham Stuart]

We work in collaboration with the Heart of the South West local enterprise partnership to attract foreign direct investment into Devon. More widely, the Department works with local enterprise partnerships and local authorities across the south-west to promote inward investment opportunities to foreign-owned companies. In 2016-17, DIT recorded 101 inward investment projects in the south-west, creating 3,402 new jobs.

[Hannah Bardell (Livingston) (SNP)]

Although my party does not want to leave the single market or the customs union, a properly planned and managed transition period is always top of the agenda for businesses across Scotland, particularly in our thriving food and drink sector. Does the Secretary of State agree with his own Government that a sensible transition period is required, or is he sticking to his cliff-edge position, which will have a devastating impact for businesses across Scotland and the UK?

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[Mr Speaker]

I do not know whether colleagues are aware of it, but they rather ruin their questions when they try to pack too much in. Topical questions are supposed to be brief. I understand the temptation—I used to feel it myself—but it ends up being a worse and a lesser question than something shorter and more pithy. It is such an obvious point that the hon. Gentleman must be extraordinarily clever not to be able to grasp it.

[Graham Stuart]

All export licence applications are considered on a case-by-case basis against the consolidated EU and national arms export licensing criteria, based on the most up-to-date information and analysis available. I would be happy to meet the hon. Member for Brighton, Kemptown (Lloyd Russell-Moyle) to discuss these issues further.

[Eddie Hughes (Walsall North) (Con)]

T8. How can the many excellent manufacturing businesses in the Black country benefit when we leave the customs union?