UK Trade and Investment: Finance

Department for Business, Innovation and Skills written question – answered on 26th February 2016.

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Photo of Jamie Reed Jamie Reed Labour, Copeland

To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential effect on levels of exports of changes in the budget of UK Trade and Investment between 2015 and 2020.

Photo of Anna Soubry Anna Soubry The Minister of State, Department for Business, Innovation and Skills

Savings will broadly be delivered through implementing a new digital infrastructure to provide cost-effective access to export services; contractual efficiencies; and prioritising market and sector opportunities that will add most value to UK export levels. This is about being more efficient and delivering for UK businesses, including through enhancing direct support and developing the private sector market.

HM Treasury has recognised the importance of the exports agenda by agreeing that £175m of further proposed savings between 2016-17 and 2019-20 should be reinvested in priority areas. The Government is committed to driving a step-change in UK exports and the reinvestment secured to refocus UK Trade & Investment will help us deliver this.

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