Raising exports will allow Britain to invest in the health service and reduce its budget deficit by up to £20 billion, Liam Fox said last night.
The international trade secretary believes that a “trade dividend” will help ministers to fund public services without increasing taxes or reducing expenditure elsewhere.
He argued that a big increase in exports was “not impossible” after Britain left the European Union, as officials looked to strengthen ties with markets including the United States, India and China. “Put simply as a country, if we want to spend more, we must earn more,” he told an event in the City.
He cited an analysis showing that a 10 per cent increase in the gross value of exports could boost the economy by