Baroness Fairhead spoke toCNBC as she laid out plans to improve the UK’s exporting capabilities in the years following Brexit. She said that there had been significant government investment in new industries such as Artificial Intelligence and FinTech.
The Trade Minister suggested the UK could use its withdrawal from the European Union to increase exports from 30 percent of GDP to reach the “top of the pack” of G7 countries.
“If you look at the last year, the amount of money that has been invested in, for example, financial technology, in the UK is more than all the investment in France, Germany and The Netherlands combined.
“So people are going to where the skills are. The government is aiming to have an agreement with the EU that is as mutually beneficial as possible.
“If you look at where the growth of the world is coming from, 90% of world growth is coming from countries outside the EU.
“Therefore, this is a really timely intervention as we see it.
She continued: “We’ve got an industrial strategy in this country, the first time for several years, and that strategy is backed by significant investment from government.
“What we can see the export strategy doing is essentially becoming the ‘international wing’ of that industrial strategy. So there is money going in.
“What we have to do in my department is work out how we make sure we can take the benefit of the skills and the goods and the services we have in the UK and make sure other markets know about it, and are buying.
“What we are trying to do is make sure we have the plans in place, so that companies who have to make their own decisions about how they hedge, or not, but we can help them with our export financing.”
Baroness Fairhead, alongside International Trade Secretary Liam Fox, is expected to outline the Government’s long-term ambition to boost British business in the aftermath of Brexit.
The Trade Department is seeking to expand exports to around 35 percent of British GDP from the record 30 percent of 2017.