Export credit hopes raised
Donald Macintyre writes political sketches for The Independent, having been Jerusalem correspondent since 2004, covering Israel and the Occupied Territories, as well as travelling for the paper to Iraq, Turkey, Jordan, Libya and Egypt.
Sunday 06 December 1992
Richard Needham, Trade Minister, is committed to fighting for a steady increase in state export credit guarantees as part of a drive to halt the decline in Britain's share of trade in capital goods to developing countries.
Mr Needham's stand could signal what amounts to a significant U-turn in policy on providing funds to underwrite 'soft credit' for exports to some of the biggest developing markets.
The move has come despite Treasury hostility to large-scale expansion of export credit cover. Industrialists have long complained that cover is too limited and that premiums for export credit insurance are too high compared with those paid in competitor countries.
The pledge was given in an unnoticed section of a speech by Mr Needham to the Institute of Exports. He said: 'We have to ensure that we have adequate ECGD cover for exporters in our agreed priority markets and that out premium rates are not unfairly undercut by subsidies from our competitors.'
Mr Needham said that the Government would aim to 'halt the decline in our share of world trade in capital goods to non-OECD countries'.
He said that if forecasts of the growth of world trade were accurate, and Britain returned by the year 2000 to the 7 per cent share of capital goods it enjoyed in 1987, that would mean an increase in sales from pounds 8.9bn in 1990 to pounds 24bn by the end of the century.
Mr Needham was careful not to give projected figures, but the implication is that if the DTI gets its way in negotiations with the Treasury, there could be an increase of more than pounds 2bn in export credit cover between now and the end of the decade.
- 1 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 2 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 5 Chinese student carries disabled friend to school every day for three years
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Royal baby: Live updates as superbug closes ward at St Mary's Hospital in London where Duchess of Cambridge is due to give birth
Nepal earthquake: Rescuers forced to dig with their bare hands in search for survivors as images show damage to historic buildings
Ed Miliband and Boris Johnson in angry clash live on BBC's Andrew Marr Show
Bali Nine executions: British grandmother on death row in Indonesia Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...