UK Trade Performance

Debate between Kemi Badenoch and Julie Marson

Wednesday 1st May 2024 Commons Chamber

[Kemi Badenoch]

I thank the right hon. Gentleman for his questions. He asks why we are not pursuing services-only deals. We have done two of those: one with Singapore and one with Ukraine about digital trade exclusively. However, it is an area where we need both sides to agree, and most countries still want a goods deal; for many of the countries that we are negotiating with, goods are still the larger part of their economy. We have to bear that in mind, because trade deals are not a one-way story.

I am glad that the right hon. Gentleman welcomes my statement. He will of course know that I am not somebody who pretends that everything is perfect and nothing could be better. I do think things could be improved, but one thing we have to acknowledge, in reference to his comments about the border operating model, is that the people voted to leave the European Union. There will be opportunities and there will be costs. Farmers regularly tell us that they want better food standard checks and other checks at the border. That will impose a cost. We have done everything we can to minimise those costs—we have even found cost savings in doing so. I have heard many scare stories about what businesses will see at the border, but not all of them will apply. We are doing everything we can to minimise the burden, but the fact is that the EU imposed the same measures on the other side, and we need to give our producers a level playing field.

[Julie Marson (Hertford and Stortford) (Con)]

It is a pleasure to follow the Chairman of the Business and Trade Committee. I am a relatively new member of the Committee; I joined this year. I recall my first meeting, at which we heard that the UK has had the third-highest foreign direct investment over the past years; we are behind only the US and China. This week, at our meeting with the Minister for Trade Policy, we heard about our trade deals with over 70 countries, including the landmark CPTPP. Does my right hon. Friend the Secretary of State agree that that track record of success contrasts starkly with Labour’s track record? Under Labour, the UK’s share of global trade declined. Does she agree that, just perhaps, aside from the Chairman of the Select Committee, there is not a single Labour Back Bencher in the Chamber who wants to hear about that track record of success, because they do not have a leg to stand on?

[Kemi Badenoch]

I thank my hon. Friend for the question. She is right, and I am sure that the hon. Member for Harrow West (Gareth Thomas), who was a Labour Trade Minister, could verify those figures about our trade dropping.

Oral Answers to Questions

Debate between Kemi Badenoch and Julie Marson

Tuesday 7th September 2021 Commons Chamber

[Julie Marson (Hertford and Stortford) (Con)]

13. What fiscal steps his Department is taking to encourage investment in green (a) industries, (b) growth and (c) jobs.

[The Exchequer Secretary to the Treasury (Kemi Badenoch)]

The Prime Minister’s 10-point plan demonstrates our commitment to net zero. It sets out £12 billion of new Government investment in green industries. This will create and support up to 250,000 highly skilled green jobs in the UK. In addition to this £12 billion, our plan will attract up to three times as much private investment by providing regulatory certainty and robust green finance frameworks.

--- Later in debate ---

[Julie Marson]

I thank the Minister for her response. With more than £10 trillion of assets under management in the UK, there is scope for more green innovation investment via the venture capital sector. I therefore welcome the measures she explained and the regulatory changes being driven by the Treasury, but will she meet me to discuss a potential office for venture, similar to the new Office for Investment, which could provide a centre for expertise and growth in this area?

[Kemi Badenoch]

I thank my hon. Friend for that question. The Government recognise the important role of financial markets in supporting the UK’s transition to a net zero economy. The British Business Bank is a Government-owned economic development bank that makes finance markets for smaller businesses work more effectively, and its remit includes venture capital. I note her point about a meeting and believe that my hon. Friend the Economic Secretary is happy to meet her on this issue.