Overseas sales and orders rose during the last quarter, reaching their strongest level since Q4 1994 for manufacturing while the services sector figures suggest exports returning to levels not seen since before the recession in 2007.
So it seems timely that Lord Green today takes up his new post as Trade and Investment Minister. The former HSBC group chairman will be responsible for ensuring delivery of a cross-government trade strategy – to be presented as a White Paper in the spring – as well as attracting international investment.
Lord Green says he is looking forward to “supporting businesses of all kinds, large or small, innovative or traditional, in goods or in services" as they explore the opportunities offered by international markets.
He also says the UK must be positioned as “the most hospitable and welcoming destination for productive international investment.”
Our economy at home is intrinsically linked to trade and investment. Last year, exports represented more than a quarter of our GDP – contributing to the UK’s current status as the world’s sixth largest exporter – while inward investment created 94,000 UK jobs.
Yesterday, British and Chinese companies signed deals worth a total of £2.6 billion, highlighting just how crucial overseas markets – both developed and developing – are to our economic health.
As is traditional when taking on a new job, Lord Green says this is an “exciting and challenging” time to join the government and few would disagree. British businesses will be watching with interest to see how he responds to the challenge of making sure that trade and investment play a key role in driving the UK economy’s growth.
For more information, please visit www.glazers.co.uk
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