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Press Release

Press Releases

Prime Minister - There is a global race out there to win jobs for Britain and I believe in leading from the front [UNCLASSIFIED] [Non-Record]

As the UK’s first ever Export Week launches today, the Prime Minister will
use a speech tonight at the Lord Mayor’s Banquet to set out how this
Government has put a commercial focus at the heart of it’s foreign policy,
geared at linking Britain to the fastest growing parts of the world and
ensuring that Britain is at the front of the global race to win jobs and
business.

The Prime Minister will announce the appointment of eight Trade Envoys, who
will promote trade for UK businesses in selected high-growth and developing
markets around the world, and a new £8 million pilot project to strengthen
the capacity of overseas business groups, such as chambers of commerce, in
20 key countries as part of the Government’s ambitious strategy to help
double UK exports to £1 trillion by 2020.

*Please find below key extracts from the speech below.*

*“There is a custom at this banquet dating back beyond Churchill that the
Prime Minister should make a speech about foreign policy. So let me say
that this is a government that is outward looking, standing up for our
interests in the world, protecting our security at home and promoting our
values abroad. But tonight I want to make a different kind of speech.
Because I have done something else with our foreign policy too. I have
given it new commercial focus.*

*"When I became Prime Minister I said to our diplomats in the Foreign
Office: I don’t just want you to be political ambassadors for Britain, I
want you to be economic ambassadors too. And I didn’t just give them a
talking to and let them get on with it. I got out there myself. In the past
two and a half years I have taken trade missions to Africa, Indonesia, the
Gulf, China, India, Russia, Mexico, Brazil, Japan and Malaysia. The late
Lord Mayor has been doing the same, visiting no fewer than 26 different
countries during his year in office. And I know there are some people who
say that’s not real foreign policy. Or worse still, it’s just
globetrotting. But I say – there is a global race out there to win jobs for
Britain and I believe in leading from the front. So I make no apology for
linking Britain to the fastest growing parts of the world.*

*"And I want us to go further still. When I look around the world I see
countries like Germany using their overseas business networks to drive new
business. In Brazil, for example, there are 1,700 members of the German
chamber and 7,500 members of the US Chambers. How many does the UK have?
240. We need to do a whole lot better than that.*

*"So I have asked Stephen Green to work with British Business at home and
overseas to increase the quantity and quality of services offered
particularly to smaller companies seeking to establish themselves abroad.
He will begin with an £8 million pilot in 20 key markets. And go on to lead
a transformation that will change the face of British trade overseas across
the globe.*

*"There are valuable markets out there that just haven’t received the
attention from government that they deserve. Places like Mexico, Kuwait,
Vietnam, Algeria, Kazakhstan, Indonesia, South Africa and Morocco. And we
need to do more to get Britain into these markets now. So today I am
personally appointing a number of senior parliamentarians as Trade Envoys.
They will engage directly with governments in each of these countries and
help open up these crucial markets to more British businesses."*

__________________________________________

The Prime Minister will argue that we need a modern industrial strategy
that supports industries where we have a competitive edge and high growth
industries of the future. And he will make a robust defence of the
importance of financial services and the defence industry to the UK
economy, saying:

____________________________________

*“Right now Britain is in a global race. It is a moment of reckoning for
every country. Sink or swim. Do or decline. The critical question is this.
How does Britain compete and win in a world where all around us new
countries are on the rise. Helping to sell Britain abroad is a vital part
of the answer. But winning abroad actually begins at home. We need a more
strategic, modern approach to maintain and develop our global comparative
advantage and get out there and make the most of it.*

*"We need what I call a modern industrial strategy. Not keeping dead
industries on life support like the industrial strategy of the 1970s. But
supporting industries where we have a competitive edge and encouraging the
high growth industries of the future. Creating an ambitious, co-ordinated
and muscular approach to government which allows them to flourish. This
decisive, strategic, government action is vital if Britain is to win in the
global race. But a modern industrial strategy will only truly work if it
addresses a number of vital issues."*

THE CITY

*"First, pursuing a modern industrial strategy doesn’t mean being
anti-finance.*

*"Tell me this. Which single sector of our economy contributed an eighth of
all government revenue even during recession? Which sector provides 50
million personal bank accounts; 11 million mortgages and hundreds of
billions of pounds of loans to small businesses? And which sector underpins
jobs for 2 million people - with more than two thirds outside London? Of
course, it’s our financial services.*

*"Yes, some utterly terrible mistakes were made. And they need to be
addressed properly so they can never happen again. But those who think the
answer is just to trash the banks, would end up trashing Britain. I say -
recognise the enormous strength and potential of our financial sector;
regulate it properly and get behind it.**** That’s why we are taking tough
action. Tough civil and criminal penalties for those who break the law. The
most transparent rules on pay and bonuses of any major financial centre in
the world. And a proper programme to clear up the regulatory mess -
including ring-fencing retail banking to protect it from the risks of
investment banking. Put simply – we need a regime where banks can fail
without the need for taxpayers to bail them out.*

*"We’re also standing up for our financial services sector in Europe. The
City of London is one of the EU’s biggest assets and plays a crucial role
in fuelling the EU economy.*

*"So we will fight for rules which deliver open markets, competitiveness
and new market access opportunities globally. And, yes, while we support
the need for greater integration in the Eurozone, including through a
banking union, make no mistake, we will never allow a banking union to
compromise our fair access to the Single Market.*

*"A modern industrial strategy must utilise our greatest strengths – and
that includes our financial services."*

DEFENCE

*"Second, we must support all sectors of the economy where we have a
comparative advantage - and that includes defence.*

*"I understand why some people are a bit squeamish about me flying off
round the world to help our defence industry do deals abroad. But let me
say this. Britain has the most rigorous arms export licensing regime in the
whole world – and that is how it will stay. But there is a more fundamental
point here. Every country in the world has a right to self-defence. And you
can not expect every country to be self-sufficient in providing the tanks,
ships and planes needed. So when Britain has a very strong defence
industry, with 300,000 jobs depending on it, it’s right that we should be
at forefront of this market, supporting British jobs and British allies and
that’s why last week, in the Gulf, I was pushing for new contracts for
Typhoon jets worth billions of pounds and thousands of jobs.*

*"That’s vital new business for Britain. And I make no apology for going
out there and trying to help win it."*

INSURGENTS

*"Third, a modern industrial strategy can not just be about backing
incumbents. It needs to be about unleashing the power of insurgents too.*

*"95 per cent of all new jobs in America come from companies less than five
years old. While UK research shows that the 6 per cent of companies with
the fastest growth rates generate over half of all new jobs. Yet government
policy here has long been stacked against high-growth start-ups. When I
became Prime Minister, companies less than three years old weren’t even
allowed to bid for most central government contracts while 70 per cent of
government IT spending went to just seven multi-national companies.*

*"We are changing all that: tearing up the rules and opening up government
procurement to start-ups spending hundreds of millions to stimulate venture
capital investment and getting behind technology clusters wherever they
start to emerge - be it Tech City in London, creative industries in
Manchester or Marine technology in Bristol. And we are working with the
London Stock Exchange to make it easier for insurgent companies from across
Europe to float in London because that’s a vital part of how we attract the
entrepreneurial businesses and investors who will generate the jobs and
growth we need."*

_____________________________

The eight trade envoys appointed today are:

- Baroness Bonham Carter of Yarnbury, Trade Envoy to Mexico.
- Baroness Morris of Bolton, Trade Envoy to Jordan, Kuwait, Palestinian
Territories.
- Lord Puttnam of Queensgate, Trade Envoy to Vietnam, Laos and Cambodia.
- Lord Risby of Haverhill, Trade Envoy to Algeria.
- Baroness Scotland of Asthal, Trade Envoy to South Africa.
- Lord Sharman of Redlynch, Trade Envoy to Morocco.
- Charles Hendry MP, Trade Envoy to Azerbajan, Kazakhstan and
Turkmenistan.
- Richard Graham MP, Trade Envoy to Indonesia