Global Britain means UK can be an unstoppable force for good, hails LIAM FOX | Express Comment | Comment

Throughout the challenges of Covid, the Government has not been found wanting in its support for business. The quick introduction of the furlough scheme was key to keeping many British businesses viable and the range of other support schemes have protected jobs and ensured that we have the capacity to capitalise quickly on new opportunities. Yet many in business still question, when it comes to commerce, whether “Global Britain” is too vague a concept. What does it actually mean in practice and what concrete plans exist to make the most of the exciting opportunities available? What does success look like, how will it be measured and who is going to deliver it? 

That’s why the UK government needs the very best advice from industry – blue chip companies and market leaders such as EY, Heathrow and Mace through the Global Britain Commission, and I proud to be one of the Commissioners, and which launches tomorrow [MONDAY]. It will offer a dialogue between business and government about how a truly Global Britain can be achieved, to support economic growth and provide the high value jobs on which our future prosperity depends.

The specialist industry knowledge that the Commission will help bring to the debate – across the most forward looking and internationally facing sectors of our economy – will help to inform government policy-making and ensure that the UK becomes an even more agile and focussed competitor in the global economy.  Understanding, at a front-line business level, the operational and strategic aspects of the global landscape for trade and investment will be key to success. 

We know that the UK’s comparative advantage is key to strengthening those relationships that will make maximum returns for the UK. We must act now, strongly and decisively, to ensure we do not pass on countries 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 Global Britain Commission is a one-year project and the focus will be on working constructively with the Government to define, shape and make a reality of Global Britain. It will use the experience, global reach and expertise of all those involved to support the government in creating a blueprint for making the most of global economic opportunities. That is the way to harness and deliver a stronger and more resilient economy, creating high quality jobs, and producing the levelling up that the government wants to see for our country. 

This commission is of paramount importance in this of all years. Britain has played a key role globally in 2021 by hosting the G7 in Cornwall and will 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, recognising its fundamental role in the future of the economy, rather than just a desirable add-on. 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 percent of global GDP. What the United Kingdom does and says as a G7 nation matters to the rest of the world, particularly in a global economy which has grown increasingly interdependent. 

The next twelve months are critical, 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 European Union, will only succeed if the business community and the government work together to deliver for British interests around the world. 

More broadly, global trade was shrinking before the pandemic and issues such as global 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 around the globe. If we are to enable developing countries to trade their way out of poverty, then open markets with appropriate investment strategies by government and business together will be crucial.

We must ensure that everyone is able to benefit from the successful capitalist economies ang governments can play their part by maintaining financial stability and open markets. Businesses must accept their full responsibility in this process, especially with the rise of hugely wealthy global enterprises, paying their fair share of taxes and contributing equitably to economies across the globe. This will be the essence of building back better in terms of the global economy and the liberating opportunity it can bring. 

Governments must retain low-tax economies working hand-in-hand with stable regulatory frameworks, a flexible labour force and high-quality educational provision. It is imperative that our government maintain the UK position as an attractive place for businesses to grow free from the shackles of overburdensome regulation and taxation. We are currently the second top global destination for foreign inward investment. We need to keep it that way.

The Global Britain Commission will work closely with policy and trade experts, professional services and legal departments, ports and transport, innovation and energy and construction and manufacturing to achieve our aims. It will put forward practical policy suggestions based on the latest data, analytics insights, and modelling. 

I know that the high-profile and influential CEOs on the Commission’s board will agree that British businesses need to act positively, quickly and responsibly, giving their time and insight if we are to ensure that export-driven, high-growth, high-productivity sectors are to boost Britain’s 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 businesses who trades, create jobs, attracts investment and innovate. 

If the UK 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.

The Rt Hon Dr Liam Fox MP is former Defence and International Trade Secretary. He was the UK’s Nominee to be Director-General of the World Trade Organization (WTO) in 2020.