Why international trade will be key to 'levelling up' the North

Lord Bilimoria, president of the CBI, will be delivering a keynote address at the Northern-Asian Power Mission: India, a virtual five-day event looking to promote and build trade relationships between India and Northern businesses in the UK.

Speaking to The Yorkshire Post, Lord Bilimoria said: “The UK is the second largest recipient, sometimes third, of inward investment in the world.

“That is phenomenal and yet a disproportionate amount of that comes into the South East and London.

“We need to make sure that every part of the UK is as attractive for that inward investment. That’s why it’s crucial that we promote the regions of our country including the North.

“It is a question of shouting from the rooftops of that amazing excellence that we have to offer in every region of the country. The Government has got a job to do to promote that.”

Lord Bilimoria has changed his view on having a second referendum over Britain’s membership of the European Union.

The crossbench peer said the “duty-free, tariff-free, quota-free” Brexit deal struck by the Government is “excellent news”.

“We have got a platform on which to build on,” he added. “The UK now controls its own independent trade policy for the first time in over four decades.”

The founder and chairman of Cobra Beer says there is a great appetite in India for stronger trade ties with Britain. His own business has three breweries in India.

“Indian companies have always seen the UK as a gateway to Europe,” he said. “Even though we have left the European Union, I believe Indian companies will still see the UK as a gateway to Europe.”

Lord Bilimoria added that Britain needed to ensure that this remains the case post-Brexit and the trade deal agreed with Europe is a good starting base.

The pandemic has shown that collaboration and not protectionism is the way forward and the same applies to trade policy, says the crossbench peer.

“It’s a health crisis and an economic crisis that has affected the whole world,” he said. “What has worked in this pandemic is collaboration.”

He points to the vaccine diplomacy displayed by India sending millions of doses to other countries.

In the UK, Lord Bilimoria has called on the Government to avoid putting up taxes in the next Budget on March 3.

He said: “Now is not the time for any tax increases. Now is the time not to stifle the recovery.

“Now is the time for the Government to go that extra mile and make sure things like the furlough scheme do not come to an end in April but carry on if required for businesses into the summer.”

Lord Bilimoria also added that the economic recovery strategy should be more like the one seen post 1945 and not the austerity measures implemented after the 2008 financial crash, tackling issues such as climate change in the process.

He said: “We survived the financial crisis from 2008 – there’s no question about that – but afterwards we had a decade of austerity. We had a decade of very little growth. That is not the way to go.”

Proud of the diaspora

Lord Bilimoria, who was originally born in Hyderabad, India, says he is very “proud” of the 1.5 million-strong Indian diaspora in the UK and their achievements.

The Northern-Asian Power Mission: India will take place from March 1 to March 5. To register visit: https://www.northernasianpowerlist.com/nap-virtual-mission/

Project director Sharon Jandu said: “The relationship between the UK and India is truly special, it stretches back over centuries and is alive and thriving today and the mission has an objective to expand and strengthen the bilateral trade relationship between the UK and India.”