How can the Government spur on export growth? Committee reveals inquiry terms
26 May 2023
The Business and Trade Committee publish the terms of reference for an inquiry that will study how the UK can improve the export of goods and services to stimulate economic growth.
The Committee’s export-led growth inquiry comes 18 months after the Government launched a strategy to help UK businesses “Race to a Trillion” – achieving a target of £1 trillion of UK exports per year by 2030.
MPs on the cross-party Committee will consider whether the UK is on track to reach this goal and how effective the Government’s strategy is in helping UK exporters to sell abroad. They will also look at the broader issue of how the UK can leverage its advantages to embed itself in the supply chains of key economic partners.
Chair's comments
Committee Chair Darren Jones said:
“Exports are a key driver of economic growth but only 10% of UK businesses sell their goods and services to non-UK customers. The UK has dropped from the 5th largest exporter in the world to 7th and more needs to be done to prevent further decline.”
Global trade is also changing quickly with a realignment of international supply chains taking place. It’s crucial that the UK integrates into these new global trading routes for our future economic security.”
Our inquiry will consider all of these issues and identify the most important strategic opportunities in front of us.”
Terms of reference
The Committee is accepting evidence submissions on any of the questions below, through the inquiry evidence submission page, until 11.59pm on Friday 14 July:
- What are the new or growing opportunities for exports which can drive UK economic growth? How can these be exploited?
- What do UK businesses need to increase exports? How does the UK compare to other countries in their support for exports?
- Are Free Trade Agreements with countries fit for the future? How will technology, such as 3D printing or lab-grown foods, change the trade flows in the near-to-medium term future?
- How achievable is the Government’s “Race to a trillion” target for reaching £1 trillion worth of exports per year by 2030 – and is the UK on track to achieve it?
- How adequate is the Government’s 12-point Export Strategy, Made in the UK, sold to the World (2021)?
- What can the Government do to promote and facilitate UK exporters’ involvement in critical international supply chains? What opportunities are there for the UK to become a key supply chain partner to the United States, European Union and other democratic allies? What needs to be done to secure those partnerships?
Further information
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