{"id":80412,"date":"2017-04-04T12:05:00","date_gmt":"2017-04-04T12:05:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=1c69787e9e01fe3665dec62300f76006"},"modified":"2017-04-04T12:05:00","modified_gmt":"2017-04-04T12:05:00","slug":"speech-greg-hands-speech-at-the-financial-times-brexit-and-beyond-summit","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=80412","title":{"rendered":"Speech: Greg Hands speech at the Financial Times Brexit and beyond summit"},"content":{"rendered":"
\n

I would like to thank the Financial Times for hosting today\u2019s event.<\/p>\n

This is a historic place, here at Central Hall.<\/p>\n

In 1914, the Suffragettes \u2013 campaigning for the vote for women – met here at Central Hall.<\/p>\n

And I am delighted to see the Prime Minister announce, at the weekend, that Millicent Fawcett will be honoured with a statue just outside, on Parliament Square.<\/p>\n

Churchill, Gandhi, and Martin Luther King have all spoken in this building \u2013 so no pressure on any of today\u2019s speakers!<\/p>\n

And in 1946, out of the ashes of war, the world came together, here, in a spirit of peace and co-operation for the first meeting of the United Nations General Assembly.<\/p>\n

The then Prime Minister, Clement Attlee, welcomed delegations to \u2018this ancient home of liberty and order\u2019.<\/p>\n

So, it is a privilege to be able to address you in this historic setting: a resolute reminder of the role Britain has and always will play in the world.<\/p>\n

Almost 1 week ago, Prime Minister Theresa May triggered Article 50: the formal process for leaving the European Union.<\/p>\n

What will follow could be a momentous journey for Britain, as we embark upon a new chapter in our history.<\/p>\n

We stand ready as a country full of self-confidence, ready to build a new, special and deep partnership with Europe, whilst recasting our position in the wider world.<\/p>\n

You would struggle to find a serving minister with closer personal ties to mainland Europe than me.<\/p>\n

As a husband to a German wife, and father of 2 children who are just as comfortable speaking German as English, being European is an intrinsic part of my British identity.<\/p>\n

No referendum can and will change that.<\/p>\n

The vote to leave was not a rejection of our shared European values, nor some sort of wish to undermine the ideals and principles of the EU.<\/p>\n

Those very values have led to over 70 years – and counting – of unprecedented levels of peace, stability and prosperity across much of the continent.<\/p>\n

And those EU ideals and principles will be crucial in ensuring the Union remains successful – something which will always be in Britain\u2019s national interest.<\/p>\n

I campaigned on the Remain side during the referendum, but I am, above all, a democratic politician.<\/p>\n

More British people voted to leave the EU than for anything else in our electoral history.<\/p>\n

It was a clear instruction which the government is carrying out.<\/p>\n

Now more than ever, the whole of Britain\u2019s focus should be on the horizon.<\/p>\n

We should, as the Prime Minister said, no longer be defined by the vote we cast, but by our determination to make a success of the result.<\/p>\n

That determination has manifested itself in the creation of 2 new departments \u2013 the Department for Exiting the EU and the Department for International Trade \u2013 which are charged with overseeing \u2018Brexit and Beyond\u2019 respectively.<\/p>\n

So, today\u2019s theme is quite apt.<\/p>\n

Department for International Trade<\/h2>\n

And I want to talk about the role the Department for International Trade will continue to play in equipping the UK for a future outside of the EU.<\/p>\n

For the first time since 2007, trade is back heart of government policy making, with a seat at Cabinet.<\/p>\n

Indeed, it\u2019s the first time since 1983 that the UK has a standalone Department for Trade.<\/p>\n

The 3 pillars of trade \u2013 finance, policy and promotion – are now under 1 roof, allowing us to be more co-ordinated than ever before.<\/p>\n

The department\u2019s objectives are simple yet significant.<\/p>\n

We will promote UK exports to the world; maximise opportunities for wealth creation through foreign direct investment and outward direct investment; and build a trade policy capability fit for a post-Brexit Britain.<\/p>\n

Our purpose is clear.<\/p>\n

We will ensure the UK becomes the most passionate advocate for global free trade anywhere in the world.<\/p>\n

That means we will champion the benefits that trade provides to consumers, through greater choice and cheaper products and services.<\/p>\n

And the benefits to our businesses through global value chains, the free flow of ideas and technology, and a shop window of continents rather than counties.<\/p>\n

Amounting to over half our national income, trade ensures more jobs and stronger public services at home, whilst bolstering our influence overseas.<\/p>\n

Indeed, we are the only G7 country to meet its obligations to spend both 2% of GDP<\/abbr> on defence, and also 0.7% of GNI<\/abbr> on international development.<\/p>\n

Our global standing and internationalist spirit will always be intertwined with our willingness and ability to trade with the world.<\/p>\n

So the message I want to leave you with today is that it is only through trade that we can build a truly Global Britain: one that seeks and ultimately realises the economic and political opportunities of an evolving and interconnected world.<\/p>\n

My department will be at the forefront of this ambition, and there are several areas we will focus on.<\/p>\n

UK exports<\/h2>\n

First, we will boost UK exports the world over, ensuring our dynamic and innovative companies are well positioned on the global stage.<\/p>\n

The diagnosis is that only 11% of UK businesses export and only 6 to 7% of goods exporters target high growth economies such as China and India.<\/p>\n

The Federation of Small Businesses claim that 54% of small businesses do not even consider exporting.<\/p>\n

And UK exports as a percentage of GDP<\/abbr> languish at 28% – the lowest of any EU Member State including Germany at 46% and even Greece at 30%.<\/p>\n

These are disappointing figures for a great trading nation, revealing so much unfulfilled potential in our economy.<\/p>\n

That is why my department is taking bold steps to address the barriers to export that businesses are facing.<\/p>\n

We are revolutionising export support through our world leading digital platform great.gov.uk<\/a> \u2013 making it easier and simpler than ever before for British business to trade overseas.<\/p>\n

Over 2,000 UK businesses are already registered on the platform\u2019s Find a Buyer<\/a> service \u2013 which matches export ready companies with global buyers.<\/p>\n

The platform is home to our Exporting is GREAT<\/a> campaign which presents thousands of live export opportunities for which UK businesses can apply.<\/p>\n

Add to this 100 country guides<\/a> with valuable market and cultural insight; and the ability to sell on the world\u2019s biggest e-marketplaces at preferential rates; and you quickly realise that this digital platform is providing a level of export support which is simply unprecedented.<\/p>\n

This support extends to UK Export Finance<\/a> \u2013 the government\u2019s export credit arm \u2013 which ensures no viable export fails due to lack of finance and insurance.<\/p>\n

From hospitals in Ghana to public buses in Toronto, UK companies of all sizes are shaping the world thanks to UKEF<\/abbr> support.<\/p>\n

And I am delighted that last year\u2019s Autumn Statement doubled UKEF<\/abbr>\u2019s risk appetite to \u00a35 billion, whilst increasing the number of local currencies in which UKEF<\/abbr> can offer support from 10 to 40 \u2013 from the Australian dollar to the Zambian kwacha<\/p>\n

However, government support at home doesn\u2019t always automatically translate to success overseas.<\/p>\n

And here is where I want to see more UK businesses working together across the supply chain to bid for high value projects around the world.<\/p>\n

I was, last month, in Brazil, where there is a clear demand for UK infrastructure expertise, particularly in the water sector.<\/p>\n

And last year I visited Qatar where they are looking to the UK to help deliver the 2022 World Cup.<\/p>\n

UK companies should be harnessing their collective expertise to seize these opportunities.<\/p>\n

And the government\u2019s new industrial strategy will target investment in the right areas so we can better present a \u2018Team UK\u2019 offer to the world.<\/p>\n

Investment<\/h2>\n

My department\u2019s second priority is to encourage continued record levels of inward investment and to renew our focus on outward direct investment.<\/p>\n

Since the referendum, the UK has attracted billions of pounds worth of FDI<\/abbr> from the likes of Softbank, Toyota, Facebook and other global names.<\/p>\n

My ministerial colleagues and I have travelled to over 40 countries, seeing at first hand the strength of investor sentiment.<\/p>\n

Their continuing confidence and optimism in the UK economy is striking.<\/p>\n

As a former Treasury Minister, I know how strong and resilient our economy is \u2013 and the figures speak for themselves.<\/p>\n

The second fastest growing economy in the G7 last year; growth forecasts for this year being revised upwards; and rebounding consumer confidence \u2013 all point to an economy with strong underlying fundamentals, pushing us forward by pulling in investors.<\/p>\n

Our widely admired system of commercial law creates trust; the highest levels of productivity in science and research throughout the G7 breeds innovation; and our low tax, low regulation economy shows that the UK is open for business.<\/p>\n

These economic fundamentals have ensured that the UK remains the largest recipient of foreign direct investment in Europe.<\/p>\n

And by renewing our focus on outward investment, we can ensure that the returns generated from the overseas assets owned by UK companies, continue to help build a strong sustainable domestic economy.<\/p>\n

My department will be supporting UK companies expanding into new markets, accessing expertise and technology, and helping boost their overseas earnings all through overseas direct investment.<\/p>\n

Trade Policy<\/h2>\n

My final point is on trade policy capability: an area which had, up till now, been delegated to the EU on the UK\u2019s behalf.<\/p>\n

The significance of regaining control of our own trade policy capability is clear: we will be able to strike trading arrangements with partners around the world.<\/p>\n

Indeed, many countries have already expressed an interest in establishing agreements with us in the future \u2013 including some of the world\u2019s fastest growing economies.<\/p>\n

The EU itself realises that 90% of future global growth is set to occur outside the borders of Europe.<\/p>\n

UK companies should see Brexit as an opportunity to fully seize upon this growth.<\/p>\n

We have already quadrupled the number of trade experts in my department since the referendum.<\/p>\n

We also have one of the largest and most revered diplomatic services in the world.<\/p>\n

Our dedicated overseas staff, with their ears to the ground in 109 markets, stand ready to help the UK re-engage with the world.<\/p>\n

But our commitment to the rest of Europe remains steadfast.<\/p>\n

We will be the best friends and closest ally to our European neighbours, with whom we have achieved so much, with much more yet be accomplished.<\/p>\n

Across security, defence, academia and culture we aim to maintain, and where possible strengthen, our existing ties.<\/p>\n

And we will seek the greatest possible tariff and barrier-free trade with our European partners.<\/p>\n

We start from a unique position \u2013 close regulatory alignment, trust in one another\u2019s institutions, and a spirit of cooperation stretching back decades \u2013 particularly in areas such as financial services and manufacturing.<\/p>\n

The key is to put consumers, jobs and businesses at the heart of the negotiations.<\/p>\n

Their interests, not political posturing or brinkmanship, should be the elephant in the negotiating rooms.<\/p>\n

Free Trade<\/h2>\n

A Global Britain also has a wider responsibility.<\/p>\n

A responsibility to stand tall against a rising tide of protectionism, which has led to a projected slowdown in the growth of global trade.<\/p>\n

As an EU member, we have always championed free and fair trade.<\/p>\n

When we leave, and as we take up our independent seat at the World Trade Organisation, we will continue to attack the very measures that defend narrow minded protectionist interests.<\/p>\n

As a champion of free trade, Britain remains a friend to the global consumer, a partner to global business, and a support to developing economies wishing to trade their way out of poverty.<\/p>\n

Conclusion<\/h2>\n

In conclusion, the UK is at a momentous juncture in our much storied history.<\/p>\n

And it is in times such as these that the attitude and approach we choose ends up determining our future.<\/p>\n

We could just turn our backs to the world, pull up the draw bridge, and be satisfied with our lot.<\/p>\n

But this government, and in particular my department, isn\u2019t interested in that course of action.<\/p>\n

Instead, we will choose to be bold and ambitious: building partnerships with those, who like us, believe that trade is the surest way to securing our collective freedom and economic security.<\/p>\n

And we will harness this country\u2019s long held internationalist instincts, symbolised by this very building, to shape a brighter and more prosperous future for the United Kingdom.<\/p>\n

Thank you.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Speech delivered by Minister of State for Trade and Investment, Greg Hands.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80412"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80412"}],"version-history":[{"count":2,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80412\/revisions"}],"predecessor-version":[{"id":80455,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80412\/revisions\/80455"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}