UK should pursue positive and open engagement in new era of global trade competition: Beckie Hart

Speaking at the University of Oxford’s Said Business School last week, she laid out a compelling vision for Britain’s future – one built on confidence, investment, and an unwavering commitment to global trade.

Her remarks come fresh from discussions at the World Economic Forum in Davos, where global leaders wrestled with the complexities of trade, economic uncertainty, and geopolitical shifts.

With the UK navigating the choppy waters of post-Brexit realignment and intensified global competition, she warned against the siren call of protectionism. Instead, advocating for an open, engaged approach, recognising the UK’s advantages in AI, financial services, and green technology as key drivers of economic growth.

A thriving economy in Yorkshire and the Humber requires business confidence. She noted the Chancellor’s speech last week was a much-needed downpayment on the long-term sustainable growth this country needs. However, she cautioned that good intentions alone are not enough. The warm words of the speech must be followed by real, measurable delivery.

The challenges facing UK businesses are real. Soaring costs, high taxes, and regulatory burdens have stifled investment. If Britain wants to lead, decisive action is needed to free up capital, encourage hiring, and foster innovation. From fixing business rates to avoiding unintended consequences in the Employment Rights Bill, the UK must foster a policy environment that enables, rather than hinders, growth.

Trade remains at the heart of Britain’s economic success. As major global powers – the US, EU, and China – jockey for influence, the UK must avoid being drawn into protectionist stances that could undermine its economic future. Engagement is always better than protectionism – or sticking our heads in the sand, emphasising that no nation can tackle today’s pressing challenges alone, whether they be climate change, ageing populations, or technological disruptions.

China is a particularly complex but crucial trade partner. While security concerns must be addressed, full decoupling is neither realistic nor desirable. It does not sit with our commitment to free and fair trade. And it does not sit with our need to answer the global challenges of 2025.

Sustainability also presents a major economic opportunity – it is no longer just a moral imperative. Despite geopolitical turbulence, the climate science remains clear, and the business case for sustainability is stronger than ever.

The net zero economy is one of the fastest-growing sectors in the UK, expanding at 9 per cent in 2023, with the electric vehicle market alone valued at $500 billion globally. The transition to green energy presents an opportunity Britain cannot afford to ignore and one that the business operating here in Yorkshire and the Humber are very well placed to deliver upon.

Our message to government and business leaders is clear: The UK must embrace its strengths, invest in the future, and engage with the world. Business confidence, smart investment, and a commitment to free and fair trade will be the pillars of Britain’s economic success. Now it is up to policy makers to choose growth, choose confidence, and choose leadership on the international stage for the benefit of us all.

Beckie Hart is Yorkshire and Humber regional director for the CBI