Global Britain is our route back to prosperity
My new commission will work with senior business leaders to ensure the concept boosts growth
The dozens of international trade agreements negotiated by the UK over the past five years provide a firm basis for future business and economic growth, with the promise of more to come. Yet many in the business world still question whether “Global Britain” is too vague a concept when it comes to commerce.
That’s why the Government needs the very best advice from industry. And it’s why the Global Britain Commission, which I chair, launches today. I will be joined on the commission by the heads of blue chip firms and market leaders such as EY, Heathrow and Mace. It will offer a dialogue between business and government about how a truly Global Britain can be achieved, to support growth and provide the high value jobs on which our prosperity depends.
The commission is a one-year project and its focus will be on working with government to define, shape and make a reality of Global Britain. It will use the experience, reach and expertise of all involved to support the Government in creating a blueprint for making the most of global economic opportunities.
The task is urgent. We must act now, strongly and decisively, to ensure that we do not pass on mounting debt to future generations. Governments do not create jobs and prosperity – businesses do – but working together to ensure policy facilitates commerce can produce the best outcomes.
The commission is of paramount importance in this of all years. Britain has played a key role in 2021 by hosting the G7 in Cornwall and will do so again in a few weeks when Cop26 takes place in Glasgow. The latter’s focus on achieving net zero will be at the heart of this project. Even though the G7 countries represent only 9.8 per cent of the world’s population, they account for 36 per cent of global trade and 45.2 per cent of global GDP. What the United Kingdom does and says as a G7 nation matters to the rest of the world.
But the next 12 months are critical for other reasons, too, not just for our economy and the impact this will have on people’s lives at home, but for defining the essence of Global Britain itself. Our future trading relationships, now that we have left the EU, will only succeed if business and government work together to deliver for British interests around the world.
Global trade was shrinking before the pandemic and issues such as protectionism, especially among the wealthiest countries, must be tackled with a healthy dose of British free trade enthusiasm and the willingness to work with like-minded partners. If we are to enable developing countries to trade their way out of poverty, open markets, with appropriate investment strategies by government and business, will be crucial.
We must also ensure that everyone is able to benefit from capitalism, and governments can play their part by maintaining financial stability, open markets, and low taxes. It is imperative that our Government defends the UK’S position as an attractive place for firms to grow, free from the shackles of overburdensome regulation and taxation. We are the second top global destination for foreign inward investment and we need to keep it that way. But firms must accept their responsibilities in this process, too, paying their fair share of taxes and contributing equitably to economies across the globe.
The Global Britain Commission will work with policy and trade experts, professional services and legal departments, ports and industry to achieve its aims. It will put forward practical policy suggestions based on the latest data, analytics insights, and modelling. I know that the CEOS on the commission’s board will agree that UK firms need to act positively, quickly and responsibly, giving their time and insight, if we are to ensure that exportdriven, high-growth, high-productivity sectors are to boost UK prosperity in an increasingly competitive world. Business also has a crucial role to play to support the Government in its global negotiations, as it is firms that trade, create jobs and attract investment.
The prize is great if we can get this right. If the Government, with the help of willing partners in the best of UK commerce, can define what Global Britain truly means, then we can be an unstoppable economic force for good in the world.