New research has shown that in the Lewes constituency there were some 4,800 jobs (13.5% of total) in industries that were export intensive at a national level in 2019.
These jobs are likely to benefit from the opportunities brought by our free trade agreement with the EU and dozens of other countries across the world.
The research is accompanied by a new Board of Trade report – Global Britain, Local Jobs – that prescribes a series of policy fixes to unlock the UK’s full exporting potential and propel a trade-led, jobs-led recovery from Covid-19. This includes:
• Boosting the UK’s role as a global hub for services and digital trade.
• Pursuing new trade deals with large and fast-growing economies beyond Europe, particularly in the Indo-Pacific.
• Greater support to help businesses internationalise, and adopt new export targets.
The Board – which is led by International Trade Secretary Liz Truss – argues the UK’s departure from the EU is an opportunity to deepen trade liberalisation and boost the role trade plays in the economy. It argues the UK should follow the likes of Australia, Singapore and New Zealand, who have all used trade liberalisation to spur growth and capture global market share.
The report advocates deeper trade ties with faster growing nations outside Europe, with 65% of the world’s middle classes set to be in the Asia-Pacific by 2030 and nearly 90% of world growth expected to be outside the EU in the next five years.
It recommends the UK ‘ride’ the digital and green waves, highlighting the UK’s comparative advantage in those industries, with the exporting potential of the green economy set to be £170bn per year by 2030, and argues the UK should lead the charge for a more modern, fair and green WTO by working with like-minded allies on issues like industrial subsidies.
Maria Caulfield MP said “Trade deals with countries across the world open up new markets and opportunities for UK businesses and as we continue to sign new trade deals I hope that this will allow export intensive businesses in the Lewes constituency to grow and be able to take on more staff.”