Globally the main barriers to trade are no longer tariffs but differing regulations between countries. Exporters have to meet the varying requirements in different countries, which is likely to mean extra costs. However, countries may choose to vary regulations for many good domestic reasons, such as responding to consumer pressures or reduce the cost of domestic production. Finding a balance is difficult for all countries. For the UK, having just left the EU regulatory bloc, it presents a particular challenge.

The UK is a services trade superpower and the second largest exporter in the world at the time of this session. Its strengths are diverse, from educating international students to hosting film production, financing major infrastructure to supplying architects and skilled engineers to turn a plan to reality. These are delivered by companies of all sizes, including major multinationals, historic institutions like universities, small consultancy firms, and the self-employed.

Science, research, and innovation are increasingly seen as crucial ingredients to a country’s economic performance. They are also at the centre of the response to global challenges as immediate as covid or tackling climate change, and unsurprisingly therefore require international collaboration. There are broad policy challenges involved from attracting and retaining the best researchers, through to seeking commercial exploitation of the innovations. These continue to be hugely important to the UK’s future prosperity.