Liam Fox welcomes industrial strategy commitment to UK trade
Following the launch of the industrial strategy green paper – International Trade Secretary, Dr Liam Fox, visited a leading advanced technology business in Oxfordshire to reiterate the Government’s commitment to supporting UK businesses home and abroad.
On a visit to Prodrive in Banbury – a successful independent British engineering innovation business – Dr Fox outlined the Government’s plans to support trade and investment across the country which can have a crucial impact on the growth of local economies.
The industrial strategy green paper sets out a plan to improve living standards and economic growth by increasing productivity and driving growth across the whole country. To achieve that goal ten strategic pillars are outlined to underpin a new government approach.
Encouraging trade and inward investment policy is one pillar and is key to opening up markets for UK firms, boosting productivity and growth across the economy by increasing competition and introducing new ways of working in the UK.
Dr Liam Fox, said:
“Trade and investment is a vital part of building an economy that works for all, creating jobs and transforming local communities and industry.
“Across the UK we’re pioneering a whole host of new technologies, working with industry and universities to ensure Britain remains the location of choice for many sectors, such as the next-generation automotive industry. Prodrive is a fantastic example of innovative British automotive engineering at its best and a great illustration of our how we can and should be exporting our world-class expertise to benefit our economy.
“The UK is open and ready for business and the launch of the Industrial Strategy today shows our commitment to improving growth and productivity across the whole country.
“The Department for International Trade is leading government work to continue to champion free trade and ensure it helps deliver an economy that works for everyone.”
The strategy lists how the department will:
Build future trade relationships with the UK remaining committed to pursuing free trade. This includes achieving continuity in trade and investment relationships with third countries thereby minimising disruption for business when leaving the EU. Additionally, improve market access for exporters by creating a more active approach to winning overseas contracts and increasing defence exports. The doubling of export finance capacity ensures Government trade services are easier to use for firms. Indeed, the department has recently launched a ground breaking new digital platform to provide digital services to help exporters and investors; join up trade and inward investment promotions with local areas. This helps strengthen the value from trade shows and develop a new, more strategic approach to inward investment.
Following the decision to leave the European Union, the UK has the opportunity to develop its new trading arrangements and take forward its ambition to become a global trading nation and champion of free trade.
On the visit to Prodrive the Secretary of State had a tour of the factory and saw first-hand how the company makes bespoke parts for race and rally cars using traditional metalworking techniques and the advanced technology workshop where the company develops innovative projects for some of the company’s biggest clients including Jaguar Land Rover, Volvo and McLaren.