Key UKTBC recommendations reflected in Labour's plan for trade
Policies formed by the cross-party UK Trade and Business Commission were included in a speech by the Shadow Secretary of State for Business and Trade as he set out Labour's plans for trade should they win the next election.
Last May, the UK Trade and Business Commission launched a landmark report which made 114 recommendations including:
A new UK Board of Trade: An independent government agency to act for the Department for Trade and Business as the OBR does for the Treasury, ensuring that trade policy is independently assessed.
Beneficial alignment: Boost UK economic growth by maintaining regulatory alignment with the EU where beneficial; outside of the Single Market and Customs Union. Achieved through a new ‘UK-EU Regulatory Cooperation Council’
Taking back control of trade: Subject all new trade agreements to full parliamentary scrutiny and approval of both Houses of Parliament.
In an address in Canary Wharf today, Jonathan Reynolds MP said that Labour would:
Give the Board of Trade a proper purpose as an independent advisory agency, accountable to the Secretary of State, advising on the impacts of regulation on trade with an explicit duty to report against how each region and nation is performing.
A deeper, more substantive, and more focused trade policy covering data, recognition of qualifications, and regulatory alignment.
A much higher level of scrutiny with a proper role for Parliament in how Trade Deals are ratified.
Peter Norris, Co-Convener of the UK Trade and Business Commission said,
“Beneficial regulatory alignment, a new board of trade and proper parliamentary scrutiny of trade policy were key among the recommendations we made in May this year and it is extremely welcome that Labour appear to have adopted them.
“Businesses are facing unprecedented challenges and removing unnecessary barriers, increasing certainty and providing effective scrutiny is essential to unlock the growth that this country so desperately needs.”
