L

Lord Bilimoria (CB)

Speaking in the House of Lords on 27 March 2025

Debate

Spring Statement

Contribution

My Lords, would the Minister agree that neither the Autumn Budget nor the Spring Statement mentioned trade at all? I have been appointed as the chair of the International Chamber of Commerce—the ICC UK—and we have just unveiled that we could unlock £25 billion in trade growth, £224 billion in efficiency savings and £22 billion in SME working capital by digitising trade and cutting transaction times, from two to three months to one hour, and reducing trade transaction costs by 80%. So why do the Government not run with this, full steam? With the trade and tariff wars emanating from the United States of America in full flow, digitising trade is the way ahead; modernising trade is the way ahead.

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