MiAnister for Trade (Sir ): s an open trading nation,
the UK thrives on its connections with the world. International
trade fuels economic growth in the UK, and delivers significant
benefits for businesses, workers, and consumers alike. However,
rising geopolitical tensions and growing uncertainty are
reshaping global trade dynamics. Unfair trading practises are
emerging that disrupt supply chains and distort competition,
sometimes aimed at forcing changes in law or policy.
When supply chains are disrupted, it is working people who feel
it first – in higher prices at the checkout, in uncertainty about
their jobs, and in the disruption to the businesses and
industries their communities depend on.
That is why we recognised these risks in our Trade Strategy,
published last year. We are already taking action to make our
economy more resilient and secure. And we work closely with
allies through the G7, World Trade Organization and Comprehensive
and Progressive Trans-Pacific Partnership to challenge unfair
practices wherever they occur. Now we are asking whether
additional powers are needed, and have launched (on Thursday 9
April) a call for input to consider the case for developing new
powers to reinforce our ability to respond to acts of adverse
economic pressure against the UK.
We are seeking to understand whether the UK Government should
strengthen the UK's economic security and resilience against acts
of adverse economic pressure, and if so how, while supporting
growth, competitiveness, and our international obligations. This
call for input will be open for 10 weeks and will aim to gather
views from a broad range of stakeholders on the opportunities,
risks, and implementation considerations associated with taking
new powers. This includes perspectives from businesses, industry,
consumer organisations, other representative and sector bodies,
as well as insights from think tanks, academics, the Devolved
Governments, Crown Dependencies, and Overseas Territories.
We welcome the Business and Trade Committee's recent inquiry into
economic security and their agreement that the Government should
explore new powers in this area.
To support this, my department has published a summary of the
Government's existing powers in this area and set out the case
for considering new powers, including what form such powers could
take. A copy of the call for input document has been placed in
the Libraries of both Houses and is available on GOV.UK.
This is about one thing: protecting working people from economic
shocks they did nothing to cause. If new powers are required, we
will introduce them. We will always try diplomacy first. But if
that fails, families, businesses and communities across the UK
deserve to know that their government has the tools to stand up
for them. We are not changing who we are as a trading nation - we
are making sure we can stay who we are, even when others play by
different rules. This is what this call for input is about, and
that is how we deliver growth that works for everyone.
