An independent review into how government can better support British businesses to export is being formally launched today by Ed Balls MP, Labour’s Shadow Chancellor, Graham Cole, Chairman of AgustaWestland UK and Chuka Umunna MP, Shadow Business Secretary.
Ed Balls and Graham Cole are today visiting a leading global industrial power supply company, TDK-Lambda’s Advanced Technology Centre based at the Bristol and Bath Science Park, to launch the review and publish its terms of reference.
The review by Graham Cole will report to Ed Balls and Chuka Umunna and will focus on how to tackle the UK’s more than 30 year trade deficit and boost trade.
It will also examine how government can support businesses in the UK to export through better access to finance, better skills including language skills and supported access to markets as well as how government export schemes can be simplified and streamlined.
The review will work with trade bodies including the British Chambers of Commerce, Confederation of British Industry, Federation of Small Businesses and their members to help identify problems and find solutions to Britain’s trade deficit. Trade bodies, business and all stakeholders are invited to submit evidence to: responses@colereview.org
Graham Cole is today also announcing the members of a Commission that will assist him in conducting the review. They are:
o Nick Baird - Director of Centrica and immediate past Head of UKTI
o Nora Senior - President of British Chambers of Commerce
o Alan Cook - Chair of Atkins and Senior Non-Exec at BIS
o Paul Cleal - Partner, PWC
o Gabriel Buck - Barclays, Managing Director, Head of Export Credit Agency Financing and Chair of the British Bankers Association Export Finance Committee
o Dr Angela Maxwell - Director of Acuwomen
Ed Balls MP, Labour’s Shadow Chancellor, said:
“I am delighted that Graham Cole has agreed to Chair a review of what more needs to be done to support British exports.
“The UK needs strong export-led growth to deliver the jobs and investment that our country needs to succeed for the future. At a time when George Osborne is set to miss his own exports target by £330 billion we clearly need to do more to boost trade and back British businesses to export around the world.
“I hope businesses will submit their views to Graham and the Commission to help us develop the support that will put real power behind the drive to increase Britain’s exports.”
Chuka Umunna MP, Labour’s Shadow Business Secretary, said:
“The Tory-led Government promised an export-led recovery but instead things have gone backwards and British business is being badly let down. Scheme after scheme which we were told would help more firms export – and in particular small businesses - have failed to have any impact whatsoever.
“Labour is clear that in order to boost middle-income jobs and grow our way out of the cost-of-living crisis, we need to help more firms export. That’s why we are commissioning this important piece of work, taking a broad view and examining solutions for the long term on how best we can support our businesses to trade across the globe in an increasingly competitive world.”
Graham Cole, Chairman of AgustaWestland UK said:
“I am delighted to be leading this review into British exports. The range of skills and products that Britain has to offer is truly amazing and by looking closely at how best to support companies, we can help them to expand their operations and grow their exports. This is good for them and good for the country.
"It is important that business and Government work together to deliver the best possible opportunities for companies to compete and succeed in what can often be complex and difficult markets.
"I am pleased to be able to offer my experience to this review in order to achieve this and look forward to examining the challenges that we face and how these can be best addressed. I hope that all political parties, in looking at ways to improve our balance of trade, will engage in this report.”
Terms of Reference for the Cole Review of support for exporters:
The Cole Review will report to Ed Balls MP, Shadow Chancellor and Chuka Umunna MP Shadow Business Secretary, in 2015.
It will provide an independent report on how government should support exporters through skills including in the area of languages, finance and access to markets as well as how government export schemes can be simplified and streamlined.
The report will examine:
1. The UK’s current performance on exports, highlighting areas of success but also where challenges still exist. This will include comparisons with our major competitor countries.
2. How government export schemes and bodies can be simplified and streamlined to provide more effective support for exporters.
3. How Government can support small and medium sized high-growth businesses to take advantage of growing global export markets.
4. How to better use underutilised Diaspora links to reach new markets, encourage city-to-city links, and make more effective use of ex-pat communities.
5. How we can utilise strengths including the UK’s major exporters and growing sectors.
The Commissioners will assist by bringing expertise and knowledge to the review, which will also draw on evidence submitted by other interested parties.
The review will also draw on work already completed such as Labour’s Small Business Taskforce and the Wright Review of Manufacturing and Supply Chain Skills. It will provide additional work on how British Investment Bank and setting up a British Small Business Administration can work to support exports and get more firms trading.
It will also look at the effectiveness of Government export schemes including the Export Enterprise Finance Guarantee, Export Refinancing Facility and the effectiveness of UKTI.
The review will focus on opportunities for the UK over the next decade by ensuring that Britain is at the forefront in new markets and can build on its global reputation and strengths in sectors like oil and gas, automotive, aviation, food and drink, chemicals, pharmaceuticals, creative industries, digital technology, low carbon and renewable industries – supporting high-growth firms and tackling the long-term challenges facing Britain.
It will also look at utilising the economic and cultural vibrancy of leading cities such as London, Birmingham, Glasgow and Cardiff to access global markets build cultural and economic links between our cities.