Lord Karan Bilimoria: Britain Must Trade Its Way to Growth
“We cannot simply tax our way to growth, we must trade our way to growth.”
As the Government sets out its plans to strengthen the UK economy, international trade, investment and business competitiveness must remain at the heart of the growth agenda.
Lord Karan Bilimoria CBE DL, Chair of ICC United Kingdom, welcomed the Government’s commitment to economic stability, investment and business growth, particularly measures to improve access to export finance, while calling for continued action to strengthen Britain’s international competitiveness.
He said:
“Britain is one of the world’s great trading nations, with extraordinary entrepreneurial talent, world-class universities, innovative businesses and strong international relationships. I welcome the Government’s commitment to economic stability, investment and enterprise, which are essential foundations for long-term growth and business confidence.
“I am particularly encouraged by the new measures to improve access to export finance for smaller businesses, including the partnership between UK Export Finance and the British Business Bank. This is an important step in the right direction. At ICC United Kingdom, we have consistently called for practical measures to help more businesses access international markets, and making finance more accessible is fundamental to achieving that ambition.
“The Government’s investment in artificial intelligence, support for innovation and steps to reduce unnecessary regulation are also welcome. Britain has enormous strengths in technology, research and entrepreneurship, and we must build on these to attract international investment, improve productivity and help businesses scale globally.
“The Chancellor’s new Founders’ Relief, offering a 10% capital gains tax rate on up to £10 million of lifetime gains, is a real boost for entrepreneurs who build businesses here and strengthens Britain’s appeal as a place to start and grow a company.
“I also welcome the extension of import tariff suspensions and measures to support manufacturers. However, we must continue to address the pressures facing businesses from employment costs, energy prices and taxation. Our banking and financial services sector is a tremendous national asset, underpinning investment, enterprise and international trade. While recognising the Government’s need to support households, we must ensure that additional taxation does not undermine the sector’s international competitiveness or its ability to finance British businesses and exporters. A competitive, predictable business environment is essential to encourage investment, create jobs and support export growth.
“International trade must remain at the heart of our growth ambitions. The Government has made welcome progress in strengthening trade agreements with key international markets. The next challenge is ensuring that businesses, particularly SMEs, have the finance, expertise and practical support to turn these agreements into real commercial opportunities.
“We also have an enormous opportunity to accelerate digital trade. Britain has established an important legal foundation for electronic trade documents, and I am particularly delighted that ICC United Kingdom, working alongside the Department for Business, Innovation, Science and Trade and Teesside University, is supporting the launch of the Digital Trade Accelerator during International Trade Week, helping SMEs embrace digital trade and unlock new international opportunities. This is exactly the kind of practical partnership we need to make trade faster, simpler and more affordable, and establish Britain as a global leader in digital trade.
“Above all, businesses need certainty and confidence to invest for the long term. Clear policies, consistent regulation and practical delivery timetables will help turn the Government’s ambitions into investment, jobs and international commercial success.
“We cannot simply tax our way to growth; we must trade our way to growth. Britain has the talent, ambition and global relationships to be one of the world’s most successful trading economies. ICC United Kingdom looks forward to working closely with the Government to build on these positive steps, remove barriers to trade and help more British businesses succeed around the world.”
The message is clear: unlocking Britain’s full economic potential requires more than ambition. It requires practical action to support exporters, empower SMEs, accelerate digital trade and create the conditions for businesses to thrive internationally.
At ICC United Kingdom, we remain committed to championing an open, competitive and globally connected British economy.