Barry Gardiner MP, Shadow Secretary of State for International
Trade, responding to the British Chambers of Commerce Quarterly International
Trade Outlook for Q3 2016, said:
“The decline in services exports shown up in the British Chambers
of Commerce survey is deeply worrying. Services comprise 80 percent of
Britain’s exports. This means that even the welcome boost to our manufacturing
sector, from the sharp fall in the value of the pound, cannot make up for such
a shortfall. This is a critical hit on our overall balance of trade. The latest
ONS figures to August actually showed the trade deficit widening by £2.5billion
in just one month.
“The Government’s continued refusal to set out a clear forward plan for
our future trading relationships is seeing a sharp drop in the sector’s
confidence about future profitability.
"Dithering and divisions between ministers do have a direct impact on
businesses and Government must clearly set out its priorities for the future.
They must stop acting in secret, as if they alone have a monopoly of wisdom
about what the best deal for Britain looks like. We need a trading plan that
works for all British businesses, not an ad-hoc approach with sweetheart deals
for some that leave other industries in the dark.”
Ends