Graham Stuart
MP for Beverley and Holderness · Conservative · United Kingdom
“I hope and expect that we can move forward in the right way and get the balance right between being overly prescriptive to the banking industry and setting a clear sense of direction to make sure that no one is left behind, as so many Members have set out.”
“It is a pleasure to serve under your chairmanship, Mr Wishart. I congratulate the hon. Member for South Devon (Caroline Voaden) on securing this debate.”
“Is my hon. Friend as astonished as I am that the Minister—I know she is new to her post—has come here to propose a six-month extension of the movement of costs from bills to the Exchequer and cannot tell the Committee how much money that will cost?”
“The Minister is being most generous again. I did not ask her about protecting consumers from energy price shocks; I asked about a clear, unequivocal manifesto pledge to reduce household energy bills by £300. She, like her predecessors, refuses to address it directly. It was a clear promise.”
“Banking hubs themselves came out of an industry response from the NatWest executive. Does the Minister agree that we must present the information from the Lloyd review to the banking groups, be clear about what we want, and give them the opportunity to respond and provide a solution, as they did with banking hubs, so that we can perhaps a…”
“I am pleased to say that Lloyds listened and, as of this morning, people can deposit cheques at those places. These issues being raised by Members across the House today are important. I trust that given the timing of the Richard Lloyd report, the Minister in her seat will make sure that they are be resolved to everyone’s satisfaction.”
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“The United Kingdom’s exit from the European Union provides us with a golden opportunity to negotiate, sign and ratify new free trade agreements as an independent free trading nation for the first time in more than 40 years, and it is an opportunity that this Government and this party are determined to seize. Question put and agreed to . Resolved , That this House has considered potential future free trade agreements: Australia, New Zealand, US and a comprehensive and progressive agreement for Trans-Pacific Partnership.”
“The Opposition too often want to be on the side of protection, rather than enhancing competition while managing it, and that is why almost every Labour Government in history have ended with higher unemployment at the end than at the beginning, and it is why the Conservative party and this Government have a proud record of creating more employment. I hope that these limited responses have been helpful to hon. Members. As I have said, we are listening closely to the views expressed in this debate and will reflect seriously on them before laying our outline approaches to our first negotiations before the House—and we will do that.”
“We have seen investment spreading out from London and the south-east. If the Chair of the Select Committee looks at the EY report, he will find that there has been a big change in the amount of investment going into the regions and nations of the country—away from London—over the last number of years. I recommend that report to him. In addition, it points out that there has been an increase in the share going to manufacturing. The Opposition are again peddling the falsehood that we are somehow seeing a loss of manufacturing. On the contrary, manufacturing is becoming more efficient and competitive. It is competitiveness that will ultimately lead to higher living standards and it is competitiveness that this Government understand.”
“Supporting UK-based companies to invest and operate overseas is a key pillar of the Department’s work. In 2017, UK companies brought home £86 billion as a result of those investments. The Department provides market information and identifies investment opportunities and potential partners. We have developed a new suite of products to help UK businesses as a result of outward direct investment pilots in New York, China, Turkey, Brazil, South Africa and Ethiopia.”
“This Government’s job creation record speaks for itself. It is the protectionist instincts that run throughout the Labour party that so threaten the jobs miracles that my constituents and the hon. Lady’s have enjoyed over recent years.”
“The Secretary of State recently led more than 100 innovative tech companies to CES, the world’s biggest trade show. The US is of course our largest trading partner and our largest overseas investor. As my hon. Friend rightly points out, there are real opportunities, which is why one of the first priorities on free trade agreements is one with the US.”
“I do not think that that is accurate, but I do not have the exact numbers to hand. UK Export Finance is there to support UK business in meeting demands and needs as requested by overseas companies and, indeed, countries. I make no apology for saying that UKEF is there to try to promote that, and it has played a role in funding renewable technologies. Our record on that front is good worldwide.”
“UKEF is yet another example of how this country has led the way when it comes to exporting. It was the world’s first export credit agency, and we should all be proud of its work to support British exports over the last 100 years. We will celebrate the centenary throughout this year, notably at the UK trade and export finance forum in June, and we will continue to promote UKEF’s world-class support so that even more UK companies can succeed abroad.”
“We lead Europe in developing a sustainable tech ecosystem. Tech Nation’s latest release in 2018 shows that the UK attracted more venture capital investment than anywhere else in Europe, with $7.9 billion in funding from investors, ahead of Germany, France and Israel. We announced £1 billion for the artificial intelligence sector alone in last year’s sector deal, which will help to unlock further opportunities for AI investment in the UK.”
“My hon. Friend is absolutely right. Tech is not only an enormously important industry in its own right, but it is vital to innovation and advances in so many other areas. The Government’s industrial strategy grand challenges seek to secure the country’s future in innovative technologies. FinTech, for instance, has raised nearly £12.2 billion in just the first half of 2018, with companies such as Revolut securing £190 million of investment. My Department will do everything it can to support innovators, including through the global entrepreneur programme.”
“The industrial challenge’s grand challenge on ageing focuses on our world-leading pharmaceutical and health companies. We have a dedicated team in Tel Aviv actively promoting co-operation between UK and Israeli companies, and we have an established UK-Israel tech hub to enhance those partnerships between British companies and Israeli technology innovators.”
“The hon. Gentleman, as a Member from a party so bereft of optimists, gives an example to the others. This country has a great future outside the European Union, and technology, in which we are the undisputed European leader, is fundamental to putting a rocket up not only our industry but many of the people with whom he shares the Opposition Benches.”
“We work very closely with that Department. I would not say I am a natural industrial strategy sort of person, but the grand challenges have identified the big issues facing not only this country but humanity. By channelling our limited resources to those who make the most difference, we can support areas, not least agritech, in which Northern Ireland is a global leader.”
“Merry Christmas to you, Mr Speaker, the staff and all Members. We have a dedicated overseas European network of 253 staff promoting exports and investment. At home, we have sector and regional teams equally dedicated to the promotion of the UK economic interest. Every one of the 3,920 people in DIT, whatever their specific function, acts to support exports from Scotland and the rest of this United Kingdom.”
“Of course, it is important to remember that for Scotland, the rest of the United Kingdom is its largest marketplace by far. More than 60% of trade from Scotland goes to the rest of the United Kingdom, whereas just 17% goes to the entirety of the rest of the EU. I suggest that the hon. Gentleman lean on his Front Benchers and try to ensure that his party, as the other Opposition parties should do, joins the Government in getting a deal with the EU that makes sure that Scottish exporters and those in rest of the country can have the best deal possible.”
“I thank my hon. Friend for that entirely useful question, which highlights the importance of increasing exports. As a percentage of GDP, our exports have been in the 20s seemingly for time immemorial. We have got the figure over 30% and we have set a target of reaching 35%. The whole country needs to engage in this more. We think that there are more companies that could export and do not than there are companies that can and do. That is why the Department has been set up and why are we are dedicated to trying to increase that percentage. We want to improve performance in all parts of the United Kingdom. For example, in Scotland, exports constitute just over 20% of GDP, whereas the figure is more than 30% in the United Kingdom overall.”
“It aims to build on our existing exporting success by setting a UK export challenge to increase exports as a proportion of GDP from 30% to 35%, moving us towards the top of the G7. We will inform, connect with, encourage and finance UK businesses so that they realise their full exporting potential. The export strategy builds on the Government’s wider industrial strategy with the ambition of making exporting the norm, not the exception, for UK businesses, and of working with firms to give them the tools they need.”
“I should say that those are not Government figures. Nevertheless, the IEA’s work highlights just how important exports are to the social and economic health of our country. That is one of the key reasons why we now have a dedicated international economic Department. Never before had there been a Department solely focused on exports, investment and bringing down trade barriers, but in the Department for International Trade, we now have exactly that. It was also why in August, as my hon. Friend said, we launched the export strategy—a Government-led collaboration with business that was developed after extensive engagement with firms of various sizes in different sectors right across this United Kingdom.”
“Quite simply, exports and investment are important because the UK needs to pay its way in the world. That is the fundamental difference between the Government and the Opposition—Labour forgets that we have to earn our way. If we do not, we will end up as every single Labour Government in history always have—with more ordinary people on the dole queue at the end of their period in office than at the beginning. The Institute of Economic Affairs recently published a report that found that, through an increased tax take, job creation and other factors, if the value of UK exports rose a further 10%—remember that exports from this country grew more than 10% in 2017 to nearly £620 billion—we could raise a further £20 billion in tax revenue, which would fund our schools, hospitals and other vital public services on which we all rely.”
“I congratulate my hon. Friend the Member for Morley and Outwood (Andrea Jenkyns) on securing the debate, and on her passionate defence of, and advocacy for, the beneficial effects of free trade. Between 2010 and 2017, exports from this country grew by £170 billion, and we are determined to grow them further. As the Minister for investment, I am pleased to say that we have retained our position as the No. 1 foreign direct investment destination in Europe, and we are third globally. Through foreign investment, 76,000 new jobs were created last year alone—1,500 in every single week. More than 3.3 million more people are in work today than when the Labour party left office in 2010, which means that more people are able to support themselves and their families.”
“In the year to June 2018, UK exports to the Commonwealth amounted to £56.5 billion—a 9.5% increase from the year to 2017—which resulted in a trade surplus of £4.3 billion. We have a very positive future to look forward to. It is a shame that the only Member from the Labour party to turn up for this debate had only one thing to say, and that was to preach doom and gloom. We are proud of the exporting record of this Government, proud of the fact that we have provided record employment, and proud of the fact that we, not the Labour party, will continue in government—”
“Giving UK business world-class support in overseas markets is why we have appointed Her Majesty’s trade commissioners in nine regions of the world. They have the experience and independence to tailor our export offer to their region and meet its unique challenges. I will move swiftly on through my speech as I am aware of the limited time. My hon. Friend the Member for Morley and Outwood talked about opportunities outside Europe—she is absolutely right. The IMF originally said that 90% of global growth is expected to be outside Europe in the next 10 to 15 years, and it now predicts that even in the shorter term. The Commonwealth offers enormous opportunities as well, and we have a strong record there.”
“This includes participation in large expos such as Dubai 2020, or the DIT-inspired Great British festival of innovation and creativity held in Hong Kong in March this year. We are supporting the Small Business Saturday movement, as well as our annual Export Week, which we are currently in, and which my right hon. Friend the Secretary of State promoted in Bristol last week. I am hosting a food and drink export event in my constituency, and I hope that colleagues on both sides of the House will consider doing the same. We are supporting supplier fairs where foreign buyers can bring specific opportunities directly to UK businesses. Through the Prime Minister’s trade envoys, we have focused missions to highlight specific areas of expertise to overseas buyers.”
“We are building up—most importantly, I think—a national network of export champions involving businesses that have successfully exported and can give their expertise, advice and mentoring support so that other firms can do the same. After all, Conservative Members never forget that it is business that does business, not Government. We are simply there to facilitate and support. We have successful pilots in the midlands engine and the northern powerhouse, which represents a time-efficient and trusted way to gain the information and skills for businesses to begin to export overseas. The Department for International Trade is leveraging its extensive overseas network in 108 countries worldwide to help to attract potential local customers.”
“Many businesses said that they did not have the expertise to export, or that they lacked knowledge about local business cultures, regulations or consumer needs. That is why the Government are taking steps to use their unique position to help companies to connect into local markets and to overcome barriers to export. That can include supporting the creation of consortiums for UK firms, thereby convening businesses from throughout a supply chain to present overseas buyers with a complete, and expert, UK offer. One such example is the Infrastructure Exports: UK consortium. We are developing new digital services to help companies to report trade barriers so that our growing trade policy function can prioritise dealing with the obstacles that are most damaging to UK businesses.”
“I have very limited time, so if my right hon. Friend will forgive me, I will press on and put my remarks on the record. We are taking a whole-of-government approach as we seek to enthuse Departments, the devolved Administrations, local government and industry bodies alike. Increased exports are not just a public good in themselves, but provide so much more. Our strategy recognises the need to find better ways to talk to exporters, business organisations and private sector providers of export support. That was why we ran a nationwide system of consultation involving roundtables, meetings, workshops, user surveys and the like to make sure that we understood the barriers that businesses faced, and to ensure that we never go back to the low levels of exports that were bequeathed by the previous Government.”
“The UK, I am pleased to say, remains the No. 1 destination in Europe for foreign direct investment. We have recently published analyses of the positive economic impact of FDI, which show the benefits of investment to the UK and how the Department is delivering national wealth by attracting investors to our key industries.”
“My hon. Friend is absolutely right—it is a priority of this Government to create even more high-paying jobs by making the UK the most business-friendly market in the world. The Labour party’s promise to seize the assets of foreign pension funds invested in the UK threatens our prosperity and the retirement of those around the world who have put their confidence in Britain.”
“I can confirm that the hon. Gentleman does live in a parallel universe, but it is one that he shares with his Front Benchers. His parallel universe is entirely divorced from the reality that investors are coming to the UK. We are the No. 1 foreign direct investment destination in Europe. We have the largest stock, and that is why we have been able to support more than half a million new jobs since 2010. The biggest threat, investors tell me, is that of Labour coming to power.”
“I am glad to confirm to my hon. Friend that our stock of foreign direct investment has gone up. We remain the No. 1 destination in Europe and are seeing companies in so many sectors coming here. Investors have some concerns about Brexit but, as I have said, what they are really alarmed about is the prospect of Labour seizing their assets and destroying the job creation that investment brings.”
“The UNCTAD figures that measure foreign direct investment showed the UK moving above the United States into third in the first six months of this year, but the hon. Gentleman is entirely right to say that they include intra-company loans. Any figures around flow should be treated with caution; the most important thing is the stock of foreign direct investment in this country. As my hon. Friend the Member for Kettering (Mr Hollobone) said, if we had listened to some, we would have expected divestment. There was no divestment; there were increases in investment. In the last year, if I may deal with what is most important to me and my constituents, there were 75,000 new jobs created by foreign direct investment.”
“The UK’s automotive sector is one of our strongest industries and, for that reason, it has been at the heart of our negotiations with the EU. The agreement announced last night will protect integrated supply chains and allow the industry to continue to thrive.”
“The hon. Gentleman is right, which was why we put the interests of that industry at the heart of our negotiations. That is why the deal provides the supply chain with exactly the continuity needed to ensure its successful growth, and it is why I ask the hon. Gentleman to ensure that he supports it; otherwise, he will be putting all those automotive jobs at risk.”
“We have set up the Trade Remedies Authority, which I note the Labour party voted against. We have put in place all the measures necessary to ensure that producers are protected from dumping. It was a shame that the Labour party voted against the very measures that sought to protect British jobs, and I do not know why the hon. Lady joined those on her Front Bench in doing so.”
“It is unfortunate, as was shown by the previous vote, that the Labour party always puts politics ahead of the interests of ordinary people working in the automotive industry across this country. We are seeing more and more investment in this country, with the announcement of a major investment by McLaren in Sheffield only yesterday. Let us not play politics. Let us get the deal over the line and protect our growing and strong automotive industry.”
“That is why we have the export strategy and we have worked with industry, which has been welcomed by small business groups and others. With staff in 108 countries around the world, and our regional and sector teams, we are working harder than ever before to ensure that the information flow, and the advice and opportunities for small businesses, is advertised in a better and more effective way than ever before. [ Interruption. ] Despite the hon. Lady’s laughter, that is why last year our exports grew by more than 10% to £617 billion, and they are now more than £630 billion and counting.”
“India is a key partner for the UK, and bilateral trade between the UK and India was £18 billion in 2017, up 15% on 2016. The UK and India are among the top four investors in each other’s countries, and the Secretary of State will be visiting India in December to attend the annual joint economic trade committee and to continue to build on this important relationship.”
“I am pleased to say that trade between the east midlands and India is performing well and grew by 11.4% in 2017, with success stories such as Royal Enfield in Bruntingthorpe. We are supporting visits from the midlands engine to India, and I was in India with Prime Minister Modi at the Move Global Mobility conference only at the weekend.”
“That is an interesting question from the Opposition, as is so often the case, given that, from memory, student numbers from India grew by 32% last year. There is absolutely no cap on Indian students coming here, and I would hope that the hon. Lady, representing her constituents and the wider country, would promote the positive message that we are open to Indian students. There is no cap, students are growing in number, and we want more of them.”
“I thank my hon. Friend for that question. There are so many things that we can do jointly with India. As I said, we had the mobility conference at the weekend, which was about cleaning up our air and our transport. India has set targets for 2030 to ensure that at least 30% of vehicles produce zero emissions, and we have said that 100% must produce zero emissions at the tailpipe by 2040. Working together, we can do more.”
“The Board of Trade was established precisely to send out a message about the benefits of trade and relationships with countries such as India to every part of the United Kingdom. We plan to work with Northern Ireland to ensure that it is part of the whole suite of offers that we provide using our posts right around the world.”
“There is no greater parliamentary champion of the furniture industry than my hon. Friend—I am delighted to congratulate her on that. For businesses and sectors of all sizes, the export strategy sets out a new UK export challenge, a smarter offer to help them to export, and a new framework to maximise our impact. The Long Point exhibition in my hon. Friend’s constituency next week will be another excellent opportunity for her and us to promote the furniture industry.”
“As members will be aware, the draft withdrawal agreement text provides that, during the implementation period, the UK will continue to benefit from the EU’s third-party trade agreements, including those with Israel. We are committed to ensuring continuity for our existing EU trade agreements—that issue came up several times in the debate—and are working to transition the existing EU-Israel association agreement as it stands.”
“The strength of British exports to Israel is felt across the UK. For example, sales of Scotch whisky have increased by 245% since 2012. UK-Israeli trade is a vital component of the UK’s economic growth and we hope to strengthen it further in the coming years, including as we leave the European Union. Last December, we signed a new aviation agreement, to make sure that travel between the UK and Israel remains open after Brexit. In March 2017, we launched the UK-Israel trade working group, which is designed both to maximise existing trade opportunities and to ensure a smooth transition of our existing relationship as we leave the EU.”
“As of 2016, our total trade with Israel was worth £3.6 billion per year, with a £570 million surplus for the UK, according to our figures. We are Israel’s largest goods export market in the European Union and its second largest in the whole world. We are also a significant destination for Israeli investment. I will give just a few examples. British brands, from Superdry to Jo Malone London, are continuing to expand in Israel, and Israel’s largest investment house, Psagot, is now owned by a UK private equity firm. British brands that are already in Israel are going from strength to strength. For instance, easyJet is now Israel’s second most popular airline for international flights after El Al, and 2016 saw the signing of our biggest ever trade deal—Rolls-Royce will provide £1 billion worth of engines for El Al’s new planes.”
“It is a great pleasure, Mr Evans, to serve under your chairmanship on the first outing for this ingénue Minister. I congratulate and thank my hon. Friend the Member for Bolton West (Chris Green) for raising this important topic. It is a pleasure to follow the hon. Member for Sefton Central (Bill Esterson), who served with me on the Education Committee for many years. It is now 70 years since Israel was founded, and the UK-Israeli relationship is firm. In the last month alone, the Prime Minister has met Prime Minister Netanyahu, and Prince William, as has been discussed, has made the first ever official visit to Israel by a senior royal—one that was very well received. That relationship is also backed by a strong trade and investment relationship, which many Members have discussed this afternoon.”
“My right hon. Friend is absolutely right. The Department for International Trade was set up precisely to promote trade around the world, not only to enrich this country but in the sure knowledge that trade and an open, liberal, rules-based system enriches everybody, and most of all the poorest. In places such as Palestine, which are on a developmental path, it is absolutely essential that we engage with business, and it was inspiring to hear stories of businesses acting as a facilitator to bring different communities together. I am sure he is right that, through the building of prosperity, security and development go hand in hand.”
“We are seeing UK-Israel business-to-business links grow and grow. For example, Israel’s Orbotech, a micro-electronics company that has had a Welsh-based subsidiary since 2014, last year won the Queen’s award for enterprise in international trade.”
“As has been said, the existing EU-Israeli agreements do not extend to Israeli settlements in the Palestinian territories, and we intend there to be a technical transfer of those agreements as they stand. A particularly strong area of co-operation is science and technology, which is another subject that came up in so many speeches, not least that of my hon. Friend the Member for Bolton West who secured the debate and began it. The respective strengths of Israel and the UK complement each other. The UK has one of the world’s strongest science bases, with four of the world’s top 10 universities, and we are ranked third worldwide for academic citations. Meanwhile, Israel—as has been said—is the start-up nation, and it spends 4.3% of GDP on research and development, which is the highest figure in the OECD.”
“I thank my hon. Friend for that intervention. Of course, it is always a pleasure to take a job and have one’s predecessor giving instructions on how to carry out that job. Any decision about the resourcing in Israel is subject to a decision by Her Majesty’s trade commissioner for Europe, and that will come about in due course. However, I will take this intervention as strong lobbying by someone with a clear knowledge of the importance of DIT that it needs to be resourced appropriately in the future. I will turn, if I may, to the effect of the trade agreements on the Occupied Palestinian Territories. I want to be absolutely clear that we believe that the level of control that Israel has over the west bank, East Jerusalem and the Gaza strip amounts to occupation under international law.”