Exports: Support for Businesses

Viscount Waverley Excerpts

Thursday 31st March 2022 Lords Chamber

[Lord Callanan (Con)]

I have not had a chance to read the paragraph that the noble Lord refers to, but I know that there are a number of contrary statistics out at the moment and it is quite hard to disentangle the various impacts. Of course, the pandemic had a serious effect on all countries’ export performances, and many supply chains are still suffering. I will certainly take the opportunity to read the paragraph the noble Lord refers to.

[Viscount Waverley (CB)]

My Lords, I note the presentation of the Minister’s figures in his initial response, but is it not the case that the DIT calculates that for every £1 of government support, exporters get a £4 return? The Heseltine No Stone Unturned competitiveness report stated that a chamber-led approach would provide a 1:6 return. Why would the Government opt to use public finance for a lower ROI option when public finances are stretched?

[Lord Callanan (Con)]

I do not know the validity of those numbers. I will certainly speak to the department and find out whether that is the case, but I take the thrust of the noble Viscount’s question. The export support service acts as a single point of inquiry for businesses and traders. We have expanded the provisions that we are offering. Export Finance, of course, is world leading. We have trade ambassadors based in a whole range of our embassies around the world to help exporters to expand their potential.