Liam Fox Briefings


Liam Fox

International trade secretary Liam Fox's speech in London on the UK's future as a global trading nation after Brexit, from Tuesday 27 February.


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Transcript


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Thanks very much.

Thank you for the introduction and

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thank you to Bloomberg for hosting

us in such wonderful surroundings.

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It's a pleasure to be here today to

talk about Britain's trading future.

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The historic decision by the British

people to leave the EU has presented

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this country with a number of

choices about its future global

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direction. It has generated a great

deal of soul-searching and caused a

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number of important questions to be

aired. Some of these relate

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specifically to the referendum

decision itself. Others are

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questions which needed to be

addressed anyway, but have been

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brought into sharper focus by that

decision. Where do we see our place

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in the world? What sort of economy

and what sort of country do we want

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to be? What should our influence be

in global affairs and global trade?

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And how will we generate the income

we will need to ensure a prosperous

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and secure future for the

generations that come after us?

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Since the referendum vote and the

creation of the Department for

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International Trade, my team and I

have undertaken 150 overseas visits

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to all parts of the globe and to

market is large and small. From

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across the world, the key is to

deepen trade and investment ties

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with this country and once again he

has championed the cause for free

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trade, it is palpable. Why should

that surprise us? The UK is one of

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the largest and most successful

economies. We are at record levels

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of employment. Our success is

underpinned by a legal system whose

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reputation is second to none. We

have a skilled workforce and a low

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tax and well regulated economy. We

are home to some of the world's

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finest universities, our research

and development capabilities are

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cutting age under financial

institutions world beating. We are

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in any time zone that can trade with

Asia in the morning of the United

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States in the afternoon, and we

speak English, the global language

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of business. In 2017, we saw the

highest level of foreign investment

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projects in the UK in our history.

As the world's leading companies

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offered a strong vote of confidence

in the future of our economy. This

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was matched by an increase of 11% in

the value of our exports. In 2017,

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600 and £17 billion of UK goods and

services were sold overseas,

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narrowing our trade deficit by just

under £7 billion. The second half of

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2017 also saw strong growth in

manufacturing output. Partly as a

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result of this improved export

performance, order books were

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British manufacturers remained well

above their long-term average, and

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this is testament to the hard work

and dedication from British

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businesses, large and small, up and

down the UK.

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And tag and innovation. In the last

year we have had more than 15,000

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tech start-ups in country, and more

venture capital in the attack was

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invested in London last year that

ended the whole of Germany, France,

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Spain and Ireland put together. This

all adds up to an extremely positive

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picture, one that should give us

confidence in dealing with the

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global opportunities that we might

seize. This conference is key to be

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able to take advantage of it

dramatically shifting picture around

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the world, the previous assumptions

are being challenged, Robert and

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France is moving, and new markets

are blossoming. I often beat the IMF

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that in the next ten to 15 years,

90%, 90%, of global economic growth

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will imagine it from outside the

European Union. This is not in any

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way to diminish the importance of

Europe as an economic market and

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partner, but merely to point out the

scale of the shift in global

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economic activity so that we add

orientated towards the most income

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generating parts of the global

economy. This thriving economies of

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south and east Asia, and increasing

the Africa and will become even more

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important as their new-found

prosperity drives demand for the

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goods and services of the developed

countries prepared to enter right

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with their markets. By 2020, China's

middle-class is expected to number

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600 million, and by 2050, Africa, on

its own, will represent 54% of the

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world population increase. By 2030,

China will have over 220 cities with

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the population greater than 1

million people. The whole of Europe

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will have 35. And on top of the fast

Asia-Pacific growth, it is predicted

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that there will be 1.1 billion

middle-class Africans died 2060.

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Such is just not just in global

demographics, but in the rise of the

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collected wealth of vamping

countries will develop radical than

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all of opportunities of the future

will be, and we are we must be too.

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Markets are already out there for

the best that Britain has to offer.

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I see it on every overseas trade

visit their time it. From the export

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goods, from top end fashion, to

high-quality cars, discuss risky, to

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high-end manufacturing, the demand

is growing. For professional

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services too, from accountancy to

law to education or life sciences

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financial services, these newly

emergent middle classes bonded more

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of these deals where we are already

world-class. Is here that we will

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find the United Kingdom's unique

comparative advantage. We must as a

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contraceptive site at this future.

We have to take a long-term view,

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and our future must be global,

because the pattern of our trade is

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changing. 57% of Britain's's exports

and noted outside the EU, compared

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with only 46% in 2006. What is more,

while our EU export are still

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dominated by goods, our non-EU

exporter evenly split between goods

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and services. An approach should not

be premised on simply identifying

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how much of our current relationship

we want to keep, but what we need to

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prosper in a rapidly changing global

environment. We cannot let the

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practices and the patterns of the

past constraints the opportunities

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of the future. We require an

economic outlook that allows us to

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take advantage of this substantial

opportunities that Europe will

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continue to break, but without

limiting our ability to add that to

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a changing and growing world beyond

to the European continent. The UK is

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perfectly placed to partner with the

economic powerhouses of the future,

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and they in turn out eager for the

mutual prosperity that such a

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partnership would bring. To do this,

we need the ability to exercise a

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fully independent trade policy. We

have to maximise our overall trading

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opportunities for the UK to secure

the prosperity of our people. Now,

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in the first speech I gave as

Secretary of State for International

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Development, I set out Britain

passed by a proud tradition of

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defending both the concept and

practice are featured. Type a time

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again studies have found evidence of

a shock positive correlation between

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economic openness and growth. During

the 1990s, per capita income grew

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three tenths faster in developing

countries that Lord trade barriers

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that in those that did it. That

effect is not confined to developing

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countries either. The growth project

found that a 10% increase in trade

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exposure was associated with a four

percent rise in income per capita.

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In other words, free trade works.

Globalisation has been of huge and

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sustainable benefit to the economy,

including in trade, specialisation

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and innovation. It was competition,

economies of scale and global value

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chains have all contributed to a

productivity revolution, boosting

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the output of businesses across the

globe, and when free-trade

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agreements are reached, the positive

effect on businesses, edited and

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economies can be remarkable. The EU

career free-trade agreement, which

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came into effect in July 2011 is

just one example. In the year before

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the deal was agreed, the UK beer and

cider industry sold almost a thing

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to Korea. Exports were added to what

you post. By 2070, however, sales to

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South Korea have exploded 2/93

million pounds. -- by 2017. Feature

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can be particularly imported to

developing countries as they get

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access to cutting edge technologies,

and millions more consumers of their

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goods. As the world's emerging and

developing economies have

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liberalised trade practices,

prosperity has big, big industry,

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jobs and wealth when there was once

only deprivation. According to the

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World Bank, the three decade between

1981 and 2010 witnesses singled

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great is the truth in material

deprivation in human history. 1

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billion people were taken out of

abject poverty in a just one

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generation. That is why it is

morally applicable to reject free

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and open trade. Added is that those

overseas markets that benefit. We do

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so here at home as well. Although it

might not always be noticed, the

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wider benefits of a liberal trade

policy are shared by consumers and

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households across the country. By

providing a wider choice of goods at

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a lower price. It provides a

supermarket with the ability to sell

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us back a full range of foods all

year round, and enables electronic

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retailers to sell us increasingly

sophisticated technologies at lower

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prices, from TVs to computers to

mobile phones. And all this helps

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income go further. For example, and

a decade to 2006, the real price of

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clothing fell by 38%, a real help

for families with children. But more

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than lower prices, open markets

allow consumers the ability to

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choose where the source goods, to

ensure sustainability, and the

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propagation of our wider values,

including an environmental agenda

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and containing the high standards in

the food that we can buy. As with

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many freedoms, free and open trade

can be taken for granted, but the

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reality is that these freedoms and

the benefits that the instilled

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habit hard one, and have to

continually be defended from decided

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call of protectionism and the

anti-trade lobby. That is why I

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voted for a post-Brexit Britain is

one of leadership. The UK is already

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a committed member of the World

Trade Organisation, a body which is

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the whole of the International rules

-based trading system that we fully

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support. Currently, a direction and

action within the WTO is determined

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by our membership of the EU. But

soon, the UK will begin the full

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authority of independent membership.

They will establish a role in

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training schedules. We are taking

the necessary steps that are leaving

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the year we will exceed to the

agreement on Government procurement,

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and we will begin to exercise a

independent voice. The UK stands

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ready to offer a clear leadership,

to be a star stiff edge of trading

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rights and freedoms, not only at the

WTO but at other international

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bodies too. Moreover, we can help

forge the way of the liberalisation

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of those areas of global trade by

the WTO and other bodies have yet to

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extend their reach, services, the

digital economy. The knowledge

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economy is growing. Digital trade is

inherently transnational, and

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e-commerce offers previously unknown

opportunities for SMEs and

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individuals, particularly women, to

take part in the globalised economy.

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In many areas of this important and

Jeddah, the EU has been unable to

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keep pace. There is a real

opportunity for the UK to become a

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global leader in digital trade. If

we are to lose, then we must ask

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yourself what leadership looks like.

-- every are too late. But of the

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value of current trading practices

at the rigidity. There is a tendency

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among some patients to cling to the

Nordic trading mechanisms, more

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suited to the structures of the past

that the digital age of the future.

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Flexibility and agility, then, are

the key to any future trade policy.

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The ability to react quickly to new

development, to explore new

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opportunities, and to Doctor

floating industries will be the key

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to growth and prosperity in the

coming years. That's why my

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department is pursuing a more

flexible approach to our country's

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trading future. There is a growing

awareness that is global gold plated

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free-trade agreement may not be the

only solution in a fast changing

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global economy. Fortunately, there

is a global trade tool box from

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which we can choose the most

appropriate mechanisms for

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liberalising trade. The trade from

the members of multilateral

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agreements to mutual recognition

agreements, and this sort of actor

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-based equivalents approach recently

advanced by the Government of the

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Bank of England. We look consider

multi-country alliances to be

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like-minded right down to bilateral

arrangements, using all the

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advantage available to us back from

our diplomatic network. All of these

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options are available, but only two

countries with independent trade

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policies. In the past 20 months of

DITs excesses, this work has begun

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in earnest. We have laid the

groundwork for future trade

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agreements, but will also work to

identify those nontariff barriers to

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trade that can be removed earlier.

We have begun appointing a new

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network of trade Commission is based

in market, able to maximise exports

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and investments free from

centralised Whitehall targets. And

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with a presence in 108 countries,

and working across Government, DIT

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is a fully integrated to department

bring together expert promotion and

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trade policy. We are currently

piloting a new global trade service,

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increasing support for medium-sized

businesses with international

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ambitions, and DIT also has an

extensive range of resources

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available to SMEs and you exported.

For example, UK Export Finance has

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been recognised as one of the

world's both innovative and flexible

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export credit agencies. Last year,

they provided £3 billion it support,

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helping 221 UK companies sell to 63

countries around the world, and 70

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of these countries were SMEs. At a

cutting edge digital platform was

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large and observers 2060, had has

since been visited by over 2.8

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million users. And we are reviewing

our wider strategy on exports and

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investment, including undertaking an

export strategy review, working

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alongside industrial strategy to

identify what we could do to help

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exports large and small across the

whole of the UK businesses

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maximising their export potential.

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What does all of this mean? For our

future relationship with the

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European Union and beyond? For those

firms that trade with the European

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Union, keeping all of the EU

regulations, the customs union and

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tariff sounds like an easy option.

But we cannot allow our future to be

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determined by past. Instead we

should turn our sale and hack into

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the trading winds of the future. We

should exploit natural advantages to

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unlock the prosperity we need. We

should be able to provide better

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preferential agreements and work

more closely with the range of

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developing companies and we should

build a trade policy that works for

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the long-term interests of

businesses, citizens and future

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generations. There has been a lot of

debate in recent days about the EU

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customs union. As we are leaving the

European Union, necessarily we

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cannot remain in the customs union

which is open only to EU member

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states. And the alternative has been

proposed that we enter a new customs

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union with the European Union. But

what would this mean? First of all,

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for goods we would have to accept EU

trade rules without any see in how

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they were made, handing Brussels

considerable control over the UK's

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external trade policy. Secondly, it

would limit our ability to achieve

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new trade agreements. It would limit

our ability to develop our trade and

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development policies that would

offer new ways for the world's

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poorest nations to trade their way

out of poverty. And what would a

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customs union actually consist of?

Which sectors would be covered?

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Would it be like turkey which has a

customs union but only for

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industrial goods and some

agricultural products? Whatever it

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covered, should such a customs union

be negotiated we would be forced to

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allow goods from other countries

into our markets tariff be on terms

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set by Brussels without any tariff

free access to the markets of other

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countries in return. And if we were

to disagree, Brussels could simply

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overrule us. Those of the political

left, who opposed to tip the

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agreement between the European Union

and the United States might want to

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consider that in a customs union,

they would have to implement any

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element of TTIP. As real tickers

without any see with how the rules

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were made, we would be in a worse

position than we are in today. It

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would be a complete sell-out of

Britain's national interest and a

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betrayal of the voters in the

referendum. Then there is the issue

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of constraints on the ability to

negotiate independent trade

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arrangements. A customs union would

remove the bulk of incentives for

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other countries to enter into

comprehensive free trade agreements

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with the UK. If we were unable to

alter the rules in whole sectors of

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our economy, as Turkey has now

discovered. The inevitable price of

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trying to negotiate with one arm

tied behind our back is that we

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would become less attractive to

potential trade partners and forfeit

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many of the opportunities that would

otherwise be available to us. And

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then there is a question of our

ability to help developing countries

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in the way that we would like. Not

only does the EU have half I average

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external tariff, 5.1% compared to

the US, 3.5%, but it continues to

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operate tariffs and a week that

particularly disadvantaged countries

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who want to add value to the primary

commodities and move up value

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chains. As we leave the EU, we are

committed to maintaining

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preferential access for developing

countries. Outside the customs

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union, we would have the freedom to

expand access and tackle barriers to

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trade to enable poorer countries

genuinely to trade their way out of

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poverty and become less dependent on

aid budgets. Many NGOs who look to

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Britain to lead in this area would

find their aims frustrated by

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membership of a customs union.

Remaining in a customs union of any

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type would only make sense if we

were to abandon our global ambitions

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and limit our abilities to shape our

trade policy to the changes in the

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global environment that I have

outlined. Tomorrow's choices would

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be constrained by today's status

quo. We would deny yourselves the

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opportunity to shape Britain's waves

in the future world economy and our

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ability to influence the nature of

that economy itself. Of course the

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government's aim is to ensure that

UK companies, as well as those from

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abroad, retain the maximum freedom

to trade with and operate within

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European markets. We watch European

businesses to do the same in the UK.

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That is why we want to develop

customs arrangements which lead to

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trade being as frictionless as

possible at our borders in a tariff

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free environment with as few

non-tariff free barriers as

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possible. And Northern Ireland, it

is of course as precious part of our

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United Kingdom as any other. So it

is vital that it has a full share in

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our future prosperity and our

opportunities as a trading nation.

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The avoidance of a horror border in

Northern Ireland is of crucial

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importance as is the prevention of

trade barriers between Northern

0:24:090:24:13

Ireland and Great Britain. We

believe that comprehensive and

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liberal trading agreement with the

EU is the best way to deal with the

0:24:180:24:22

crucial important issue of avoiding

that hard order. Britain has

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vigorously supported the trade

agreements reached between the

0:24:280:24:32

European Union and other countries,

such as Canada and Japan. But we

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have done so because we believe in

the principle of free trade but also

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because we believe it is the best

way to increase the prosperity of

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the people of Britain and the rest

of Europe. And we believe the same

0:24:440:24:48

principles should apply to the

agreement between the UK and the EU

0:24:480:24:54

itself, as we move away from the

political constraints of the union.

0:24:540:24:58

We do so as one of the world's

largest economies, with a strong

0:24:580:25:04

alignment to the EU. We understand

that outside the EU, we will no

0:25:040:25:09

longer have influence in the Council

of ministers, the commission or the

0:25:090:25:14

European Parliament were EU rules

will be made. But it would not be in

0:25:140:25:18

the interest of the EU or the UK to

introduce unnecessary restrictions

0:25:180:25:25

on trade and investment across the

European continent, where it was

0:25:250:25:29

send a signal to global investors

that Europe was less open for

0:25:290:25:33

business than it is at present. We

want any economically vibrant EU to

0:25:330:25:38

be a major partner for the future in

a deep and special partnership. Our

0:25:380:25:45

negotiations must be focused on

delivering a partnership that will

0:25:450:25:49

support the prosperity, stability

and security of both EU and UK

0:25:490:25:54

citizens. And it will need to be

best book relationship. We are not

0:25:540:26:01

Canada or normally or Switzerland.

We are Britain and what's more we to

0:26:010:26:05

be a truly global Britain. A global

Britain with ambitions to maximise

0:26:050:26:11

our trade opportunities both inside

and outside the EU. A global Britain

0:26:110:26:14

that wants the freedom to work with

global partners and one that wants

0:26:140:26:19

to minimise any barriers to trade

because it all comes down to

0:26:190:26:23

flexibility and agility in what will

become an increasingly global

0:26:230:26:27

economic environment. The UK must

regain the ability to negotiate our

0:26:270:26:33

own trade arrangements with our own

partners. To surrender this would be

0:26:330:26:39

to endanger, not only our long-term

prosperity, and the innovation and

0:26:390:26:46

dynamism that will ensure that

Britain remains a leading economic

0:26:460:26:49

power, but also our ability to

influence this new trading landscape

0:26:490:26:53

in a way that reflects UK values and

interests. We have been given a

0:26:530:26:59

historic opportunity to reorientate

our economy. We will have two ensure

0:26:590:27:06

that we put the prosperity,

stability and security of our people

0:27:060:27:10

first. But we must also remember

that history, experience and values

0:27:100:27:16

are vital navigational tools and the

confidence, optimism and vision will

0:27:160:27:21

also -- always deliver more than

pessimism or self-doubt. The prize

0:27:210:27:26

at stake is not simply the future

prosperity of the United Kingdom,

0:27:260:27:31

but our ability participate in an

shape the world, -- economy are one

0:27:310:27:36

of the most exciting points in the

world's history. It is about

0:27:360:27:49

breaking down barriers, opening up

markets and providing opportunities

0:27:490:27:53

so that the benefits of free trade

can be enjoyed, not only by the next

0:27:530:27:58

generation in this country but so

that some of the world poorest can

0:27:580:28:02

share in the fruits of our

prosperity. We are at a crossroads

0:28:020:28:07

with a historic opportunity to help

shape our global future. For the

0:28:070:28:15

better. And we have a duty to grasp

it. Thank you.

0:28:150:28:23

APPLAUSE

I will take a question from Tim

0:28:280:28:37

Rose. It may be winter outside, but

here in Bloomberg, it feels like the

0:28:370:28:47

height of summer.

Your former

permanent secretary has likened the

0:28:470:28:55

planned new outline to swapping as

three course meal for a packet of

0:28:550:29:00

crisps. What is your response to

that. Are you worried that there are

0:29:000:29:05

some in the British establishment

who do not accept exit and want to

0:29:050:29:09

stop it. The second point I would

like to raise, William Hague, your

0:29:090:29:15

own former leader today has said

that conservatives who bid to keep

0:29:150:29:18

the UK in the customs union will

help bring down the government and

0:29:180:29:25

usher in Jeremy Corbyn.

Is he right?

First of all, it is unsurprising

0:29:250:29:30

that those who spent a lifetime

working within the European Union

0:29:300:29:37

would see moving away from the

European Union as being threatening.

0:29:370:29:40

The particular choice that I heard

was trade opportunities elsewhere

0:29:400:29:49

and continuation of EU trade

agreements, I do not believe that is

0:29:490:29:52

a choice we face. We are already

trying to seek a Phil and liberal

0:29:520:29:57

partnership with the European Union,

we are having discussions about

0:29:570:30:01

expanding our trade agreements

beyond the EU and rolling over the

0:30:010:30:06

EU agreements into UK law so we get

no disruption in terms of market

0:30:060:30:10

access at the point of exit. It is

not a choice of one or the other,

0:30:100:30:15

and in any case I think the UK bread

is, as we have all discovered, more

0:30:150:30:21

complex than a packet of walkers.

When it comes to the other issues, I

0:30:210:30:26

hope we will persuade colleagues as

Prime Minister sets out the case,

0:30:260:30:31

that the Cabinet will find it

persuasive and they will understand

0:30:310:30:34

the definite -- benefits the Prime

Minister will outline will lead to

0:30:340:30:42

greater prosperity and security for

the people of this country. And that

0:30:420:30:45

they understand the drawbacks of a

customs union I have set out to date

0:30:450:30:50

will hinder this country in terms of

the future economic opportunities

0:30:500:30:54

that might otherwise be available.

The Federation of Small Businesses.

0:30:540:31:02

We have heard a lot about big

business use. Can you spell out for

0:31:020:31:07

us more clearly that the potential

benefits to smaller businesses and

0:31:070:31:12

how do we increase small business

exporters and importers from one in

0:31:120:31:17

three to one and two.

Or more? We

have been having, as a department,

0:31:170:31:23

taking a great deal of interest in

how we get more SMEs in getting into

0:31:230:31:29

export. Where small businesses, up

till in October last year had to go

0:31:290:31:34

through a lengthy process to apply

for export finance, we have

0:31:340:31:39

delegated powers to the banks so you

can walk into a bike as an SMA need

0:31:390:31:45

-- bank as an M S -- SME. We have

discussed with you in aid to states

0:31:450:31:54

decided that we want to have an SME

forum, we have 100 businesses taking

0:31:540:32:00

part in the next round of our trade

dialogue group. We do need to try

0:32:000:32:05

and open all of this up, part of

that is access to the digital

0:32:050:32:12

economy. These are ways that small

businesses can take advantage of a

0:32:120:32:17

global marketplace. And the UK will

want to see liberalisation of that

0:32:170:32:22

as we move forward, as you are well

aware, that one of the problems we

0:32:220:32:26

have ads in taking trade agreements

for red was that there are problems

0:32:260:32:32

and differences of opinion in the EU

about data localisation. For global

0:32:320:32:38

economy you have to be able to move

goods and services and data and that

0:32:380:32:43

will be essential for SMEs. British

exporters.

There are a number of

0:32:430:32:53

barriers for businesses exporting or

to increase their exports today, one

0:32:530:32:59

of them is attitudes to exporting.

How can government 's further assist

0:32:590:33:06

in changing that attitude and

equally how can businesses who are

0:33:060:33:10

already exporting assist in

inspiring others to export.

0:33:100:33:20

Extremely good question, because

part of our problem is cultural, and

0:33:200:33:23

part of a problem as business

experience. Government can do a lot

0:33:230:33:27

more about the latter, and by

expanding our overseas network, by

0:33:270:33:33

putting our experts into the market,

as we have done, we can actually

0:33:330:33:37

make some of those barriers diminish

at the point of exporting itself. We

0:33:370:33:43

can also give companies better

information about the sort of

0:33:430:33:45

cultures they will be exporting and

and a sort of help Government might

0:33:450:33:52

be able to give. I think we're

beginning to see change. As I said

0:33:520:33:57

right at the beginning, some of the

questions that we are asking today

0:33:570:34:01

are as a result of the referendum.

Some of them had to be asked enemy.

0:34:010:34:10

Why was it Government on the

exporting 28% of GDP when Germany

0:34:100:34:18

was doing more? Do we have to look

at debt financing versus other ways

0:34:180:34:25

of growing small companies? The good

news is that many companies across

0:34:250:34:29

this country have already risen to

the challenge. Preliminary figures

0:34:290:34:36

for 2017 suggest that not only have

read past 28% of our GDP that we

0:34:360:34:42

export, but we have actually passed

30% by a margin that may be one of

0:34:420:34:47

our best export performances for

many decades. So, I think that the

0:34:470:34:51

understanding is out there, that the

European debate has brought the

0:34:510:34:57

focus onto some of our other

exporting performances. We will do

0:34:570:35:01

what we can, but I hope that in your

organisation you hold up those

0:35:010:35:06

companies that have successfully

exported so that when people see it

0:35:060:35:09

is too difficult, you can say, as we

have in our latest campaign, if I

0:35:090:35:15

can, you can, postage will be seen

around the country quite soon.

0:35:150:35:19

Simon?

In her speech yesterday,

Jeremy Corbyn said that there is a

0:35:190:35:30

threat to the NHS and other public

services. It says it would open the

0:35:300:35:40

door to a flood. How do you respond

to the charge that it will allow

0:35:400:35:52

foreign companies to come to the UK

and forced a the privatisation.

In

0:35:520:36:04

any future agreement, we will

absolutely preserve the rights of

0:36:040:36:09

governments to preserve that. That

has been a commitment. But I have to

0:36:090:36:14

say, you can only do that if you

actually in of the agreement is

0:36:140:36:20

itself. If you sign up to an

agreement, you have to accept the

0:36:200:36:23

agreements that are made by others

without having any say in it, and if

0:36:230:36:28

you do not like it, that is tough.

My message to the incoherent, enact

0:36:280:36:35

and clueless performance of the

Labour Party in recent days is, you

0:36:350:36:39

cannot wish the outcomes without

wishing the means to deliver those

0:36:390:36:43

outcomes, and it doesn't seem to

have been much thought given to what

0:36:430:36:47

could be imposed upon the United

Kingdom to a customs union if we

0:36:470:36:50

don't want it. The approach that I

set out his UK control over UK trade

0:36:500:36:55

policy. What the Labour Party is

setting out is a dive into the

0:36:550:37:03

unknown, and having to accept filter

made by others and not by

0:37:030:37:06

themselves. And it was interesting

that as Jeremy Corbyn was giving his

0:37:060:37:08

beach yesterday, the leader of the

world's Labour Party was in the

0:37:080:37:11

United States telling them how

quickly they wanted a new

0:37:110:37:14

independent trade agreement with

United States. You cannot make it

0:37:140:37:17

up. It would be funny if it was not

so tragic. Very last question.

Given

0:37:170:37:29

that your former head of Department

has said she would need a fairy

0:37:290:37:35

godmother to get the kind of have

cake and eat it deal that he says

0:37:350:37:39

you want with the good opinion, and

you yourself have said that British

0:37:390:37:43

business needs to raise its game to

take full advantage of Brexit, is

0:37:430:37:48

the greatest danger that Brexit

could lead to national self harm,

0:37:480:37:51

that there simply aren't enough true

like you?

I think that we need to

0:37:510:37:57

set out an ambitious programme for

the United Kingdom. It is not about

0:37:570:38:01

sticking to the patterns of the

past, and I understand, as I say,

0:38:010:38:05

that those who have been professor

committed to those for many years,

0:38:050:38:10

will want to idea to them. I want to

think beyond where we are to do to

0:38:100:38:14

the opportunities available in the

future. As I said in the beginning,

0:38:140:38:18

the IMF has pointed out that 90% of

global growth will be outside the

0:38:180:38:22

European continent in the next ten

to 15 years. We cannot afford to be

0:38:220:38:27

bound by the practices and the

patterns of the past. We have to

0:38:270:38:30

take the opportunities available and

fitted by those who would make the

0:38:300:38:35

rules on our behalf. And as I said,

Linus said Martin anyone else has

0:38:350:38:44

seen a few details of what was

revealed that check as last week.

0:38:440:38:48

When the Prime Minister settles out

on Friday, he will find out that

0:38:480:38:53

what we need is a hard-headed

leader, not a fairy godmother. Thank

0:38:530:38:55

you very much.

0:38:550:39:06

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