Political stability, revolution in digital trade and the green transition will be the top priorities for parliament’s Business and Trade Committee, as the government continues to hunt for economic growth.
Businesses told the committee that they wanted stability in policy making, were excited about the opportunities presented by the digital transition and saw opportunities from the continued move towards green energy.
However, they flagged that skills and finding the right employees was still an issue for many businesses.
Future priorities
The new committee’s priorities come as the result of a national engagement programme that MPs said took months to carry out, and involved speaking to businesses around the country.
The committee is made up of cross-party MPs and works to hold the government to account in parliament.
As such, their priorities are likely to have an influence on how the Department for Business and Trade (DBT) operates.
Digital trade
Digital trade was seen as particularly significant for economic growth.
Business groups told the committee that the UK should use its diplomatic network to drive trade digitisation.
“Expanding digital market places and promoting cross-border online sales, we heard would boost exports to regions where physical retail is limited,” said the report.
Grace Thompson, UK public affairs lead at the Chartered Institute of Export & International Trade, said:
"The report out from the Business and Trade Committee today on its priorities is timely. The Chartered Institute was pleased to input our thoughts to the committee.
"We have been working on digital trade measures to facilitate trade for some time, including through our new tool Dokit and look forward to continuing conversations with policymakers on the importance of traceability, transparency and increased speed through digital trade processes."
Hunt for growth
Liam Byrne, chair of the committee, said that as the “hunt for growth” gets tougher, as Britain needs both a business plan and an “ambitious trading reset”.
“Without doubt, there’s wide concern about the post-Budget rise in the cost of doing business. But business leaders everywhere are excited about the prospect of the green and digital transitions. There’s a clear five-point business plan they’d like on the table now.”
Antonia Bance, Labour MP for Wednesbury and Tipton, said that she “was struck by the consensus around the need for a skills system that helps young people and established workers alike get the skills they need for a career on a decent wage”, particularly as it related to achieving net zero.
The committee also confirmed the importance of export-led growth, saying that there had been widespread concern about both the information needed to trade and the need to “radically simplify EU export processes.
Delayed strategy
The news also comes amid reports that the government’s Industrial Strategy isn’t set June to be published until June, having previously been slated for release in “early” 2025.
The Guardian reports that strategies for select sectors will be released piecemeal, but that the broader plan will not be released until later in the year. Life sciences and advanced manufacturing are set to be unveiled first.
Growth boost
Reeves received an unexpected boost today, when the UK’s GDP grew by 0.1% in Q4, defying expectations of a minor contraction.
Business and trade secretary Jonathan Reynolds is expected to give a speech later today (13 February) where he will announce further measures aimed at boosting UK growth, including changes to regulators.
Member exclusive
