Thank you, Shevaun, and not just for that introduction, but for all of your leadership over four years now. It’s really good to have been working with you. And I know how valuable this chamber network is to UK PLC, representing us around the world. Building your own communities, brick by brick, creating the jobs, the wealth, the tax receipts that means that we have the opportunity to change our country for the better. And I want to begin by thanking you for all of that. Because, look, I fully acknowledge, and I do acknowledge here, that this year, as we’ve had to fix the foundations of our country, deal with the unprecedented mess that we inherited, we’ve asked a lot of you. I understand that and I want to acknowledge that. It has made a huge difference. Because of it, the money has gone into the NHS and waiting lists are coming down. We’ve put investment into the skills of our young people. The new homes, new roads, new infrastructure that we’re building, they are all vital for the long-term growth of our country. But none of that would have been possible without your contribution, and I say thank you. It’s what I mean by partnership. It’s what I spoke about, Shevaun, two years ago when I last came here. Because for me, this is not just dialogue, it’s a partnership of us all, the British nation, facing down the challenges of a volatile world together. It’s a more volatile world than I think many of us have seen in many years, and frankly the more I see the way this world is changing, the more I see the future that we must build, and the more convinced I am about the need for this unity, a sense between us of shared national purpose. And that is, I believe, how we can rise again together and mark my words, we will.
Take the Spending Review. This is a clear shift in the nature of this government, beyond fixing those inherited problems and now investing in the future of our country. We’ve, as it were, wiped the slate clean, we’ve stabilised the economy, and now we can go on to the next phase of government, building on that foundation, building a fairer Britain, change and renewal that you can feel. And that means, of course, that we have to back you to the hilt, because your members are the engines of growth in every community across the United Kingdom. And that’s the responsibility of partnership, and we want to be the best state partner for enterprise anywhere in the world and to give you the best possible conditions to succeed, and I am optimistic about this. And don’t get me wrong, I know that the trading environment is not easy. The challenges that you face are front and centre of my mind. When I’m sitting across the negotiating table with the EU, with the US, with India, whoever it is, trust me, I’m fighting for you, and politics is about who do you have in your mind’s eye. But together I do believe we’ve got to stop doing that British understatement thing. We do it all the time, including me. Because believe you me, this is a great moment to get on the phone to the world and say, take another look at Britain. I was speaking to Jensen Huang the other day, CEO of Nvidia, the largest semiconductor company in the world, and he was saying Britain is in a Goldilocks situation on AI. Ready to take off, a really good place to be investing. You can see it with Amazon this week, a massive 40-billion-pound investment in our country. One of the biggest investments that’s ever gone in. Thousands of jobs created in Hull, in the East Midlands, in Northampton, which means that since July of last year, we’ve attracted over 120 billion pounds into our economy. Now, you will all get this and understand this straight away, but these are companies that can invest anywhere in the world. They don’t have to invest here, but they’re choosing Britain. And that’s a sign of confidence in our plan for change, that we are a stable partner, that we are open for business, that we are putting our money in your customers’ pockets. [Political content redacted]. 380,000 jobs have been created. More demand for your goods and your services. More opportunities to boost your bottom line. Because, this is crucial, as we fix those foundations, we also make choices that will make us a fairer, more prosperous country. For example, as Shevaun mentioned, two years ago at this conference, I set out that bold vision in relation to planning reform, then leader of the opposition – to remove the blockages in the system, to build the labs, the warehouses, the grid connections that all of your businesses need. And two years later, standing here, that vision is written into legislation and we’re pushing it through Parliament. And every day new spades are hitting the ground. Growth revised up because of it. A promise made to you two years ago – a promise delivered.
It’s the same with our industrial strategy announced earlier this week. For far too long, Britain ignored this. We didn’t back businesses, we didn’t invest in projects and technology that are critical to our future. Didn’t have a plan that gave your businesses the certainty that you need. Well, now we have that plan and it’s been drawn up in partnership and it is, quote, ‘a significant step forward for our economy’. That’s not my words, they’re Shevaun words. And as she says, and this to me was the most important part in Shevaun’s response on your behalf, that what you shared with us, what you fed in, has been quote, ‘heard and reflected in our strategy’. Your fingerprints are on that strategy. It came out of the discussions that I and others have had with many people in this room. It wasn’t plucked out of the sky by a government, it was reflecting back what you had told us needed to change. And that is what I mean by partnership, where both partners do different things, bring different things to the table. It’s a statement shared by other leaders. What Shevaun said wasn’t just what Shevaun thought, what you thought, it was the sentiments of the CBI, of Enterprise Nation, the Federation of Small Businesses, Make UK, Small Business Britain, and the Startup Coalition. Backing British business with significant investment in R&D. New technical colleges across the country. Electricity bills slashed for more than 7,000 businesses – that will make a massive difference, so many people in this room and elsewhere have said to me, it’s the energy cost here, they’re not competitive across Europe, we have to find a way to bring them down. That’s what we’ve been able to do to boost our competitiveness. A promise that we made and a promise that we have delivered.
And across the country, it’s the same story. Stripping out regulation that blocks investment. Pushing forward with radical devolution agenda. Investing in skills and making sure that that’s devolved. Unlocking pension wealth to back British business. Building new infrastructure the length and breadth of our country. Carbon capture projects in Merseyside, in Scotland and along the east coast. Nuclear in Nottinghamshire and, of course, at Sizewell. Rail investment in Wales. A new runway at Heathrow. New Metro schemes everywhere from the Northeast to the West Midlands, Manchester, Sheffield and Leeds.
And now today, another step, a new trade strategy that I am proud to launch at this conference, because there’s no better place for that than with Britain’s leading exporters, with you. It builds, as you would have expected, and of course, on the deals we’ve already struck with India, the United States and the European Union. The hat-trick, as I call it. I’ve played defensive midfield all my life as a footballer. The last time I got a hat-trick, I think, was when the kids were about seven and I could just about get the ball past them, so I’m going to take this particular hat-trick. But look, seriously, you don’t need me to stand here and tell you how important these trade deals are. The EU SPS agreement on its own is a huge boost for food exporters and importers, driving down the cost base for retailers, reducing friction for our exports. A huge boost for the food industry and, I think, a sign that partnership is not just empty rhetoric, that we’re prepared to fight for your political case for the growth and jobs that you can deliver. Small businesses, of course, as well as larger firms. And that EU-UK reset is so important on so many strands. There were 10 strands to that agreement. The SPS was one of them. There was the Defence and Security Partnership. Yesterday, I was at the NATO summit, we were increasing spending on defence across all of our allies. And because of the relationships that we’ve built, as people increase their spending, they’re coming to us for discussion. They were doing it in the margins of the meetings yesterday because they know that we have the ability to help them with the defence capability that they need to build. And therefore, the EU-UK reset is about the strands that are in the deal, but it’s also about the relationships that we’re building that absolutely help and enable trade, and you will understand that. But that mindset is true of all the other deals.
The US deal, hugely important for car manufacturing, particularly for companies like Jaguar Land Rover. And before we made the deal, and after we made the deal, I went to Solihull, to JLR, a number of times to speak to the workers there and to look into their eyes, and I know how much it meant to them. Before the deal, they knew that trading at 27.5 per cent tariffs into the North American market was really difficult, and they absolutely appreciated what that meant for them, for their jobs, for their families and their communities. And that’s why when we got the deal done, when we got it over the line eventually last week, that signature, the CEO of JLR, Adrian Mardell, called me and made it crystal clear that thousands of jobs across the West Midlands had been saved. And then think of the supply chains that go with that, in logistics, in engineering, in freight. Think of the demand in the local economy, the cafés, the retailers, the pubs. And that is all true of that deal. It’s why we had to be so focused to achieve that deal. The only country in the world to have got a trade deal with the US, something which we’ve been talking about for a very, very long time, is vital for these sectors that it protects.
And that approach is true also of the India deal, again talked about for a very long time, but an unprecedented opportunity for UK PLC to access the world’s fastest-growing economy. And I’ve spoken to some of our whisky and gin distillers about the India deal and they’ve told me that their concern now is whether they can produce enough to meet the demand. What a great problem to have, what a great problem. It’s a huge win for them. And under the India deal, tariffs for our car manufacturer slashed from over 100 per cent to just 10 per cent, the best terms of any country in the world – a deal which people said could never be done. That actually is true of all three deals. They said it wouldn’t be possible to get a US deal, it wouldn’t be possible to get an EU deal, if you had a US deal, you had to choose between the two, and it certainly wouldn’t be possible to get an India deal. We’ve been able to get them and that is brilliant for Britain and brilliant for you. And we’ll go forward from here, and it’s not just the terms of the trade deal, it’s the signal that it sends about us, a transformation of our global brand.
Because for years the message the previous government was sending to the world was one of chaos, instability, the lack of courage to strike deals. Because when push comes to shove, in my view, they put politics before country. And together we’ve now completely turned the page on that. With these three deals, we’ve rewritten our brand, restored our identity that even in this volatile world, Britain is proudly, unashamedly, defiantly even, open for business. And today’s trade strategy builds on that. We’re going to keep pushing, keep making deals, keep opening up new markets for you. We’re expanding the capacity of our export credit agency by 20 billion pounds, and I know how important that is for everyone in this room. We’re launching a new Ricardo Fund. We will reduce trade friction for professionals in engineering, architecture, accountancy and so much more, opening up five billion pounds worth of export opportunities.
Because trade isn’t just about goods. We’re a services superpower, so we’ll back our exporting services as well, show more flexibility in that approach. And what we want to do is push not just for traditional trade agreements, but also for smaller deals that we can make quicker, at pace. Whether that’s a digital trade agreement with Brazil, Thailand or Kenya, clean energy cooperation with the Philippines and Mexico, professional qualification recognition all around the world. But perhaps, most importantly, in this uncertain and challenging world, we will also give ourselves new powers on trade and defence, make sure that if your businesses are threatened by practices like dumping, that we have the right powers to defend you. And I’m determined that Britain becomes a global champion for free trade. I’m determined that we are the beacon for those values. And frankly, I think our actions already speak louder than any words. But in a world where things can change quickly, as you’ve seen in the recent days, we have seen in sectors like steel that protection measures do need to be put in place, then we have to be ready to back British business. And that is what we’ve done on trade, that is what we will do in the future right across our economy. Businesses creating wealth in every community, and a [political content redacted] government investing in the skills, the infrastructure, the future that we need to build. A partnership in the national interest, driving us forward, delivering change and renewal, putting more money in the pockets of working people. That is the change that we can deliver together, a Britain that is back in business. Thank you very much indeed. Thank you.
