Export growth lags behind major nations in Tory era

UK trailing most of G7 since 2010, Commons figures show

- JON STONE POLICY CORRESPONDENT

Britain’s export growth has fallen well behind that of other major countries, including Germany and the US, since the Tories came to power, new analysis shows.

Figures collated by the House of Commons Library show that UK trade exports grew just 24.4 per cent between 2010 and 2021, representing the lowest rate of growth among G7 countries apart from Japan.

The EU averaged export growth of 35.5 per cent during the same period, while the US saw a 37 per cent boost and Germany averaged 34.5 per cent – all substantially better than the UK. That’s despite a high-profile government trade blitz and claims that Brexit would help the UK to do business abroad. Under the last Labour government, the value of exports grew from £243.3bn in 1997 to £452.9bn in 2010.

The government has said that its forthcoming export strategy will turn the UK’s performance around, and there are already signs of good export performance this year. But Labour accused ministers of a “consistent failure to champion exports” and said the Brexit trade deal needed to be reformed alongside the introduction of a new industrial strategy.

Gareth Thomas, the shadow trade minister, told The Independent: “These devastating figures underline a decade of weak economic growth with a consistent failure to champion exports and help British businesses get their products into overseas markets. When the Conservatives’ own former export minister thinks the government isn’t doing enough to help, it’s time for change.