Ranil Jayawardena challenges misconceptions about trade

431
2
Ranil Jayawardena challenges misconceptions about trade

This may include advertisements from us and 3rd parties based on our understanding. Ranil Jayawardena, a Tory MP for North East Hampshire and current Minister for International Trade, praised the work of the Government in an op-ed published by The Telegraph on Friday. He says that Britain facilitated the export of British goods and services to various countries by cutting through unnecessary red tape and working with our trading partners across the world to set the conditions in which British businesses can thrive. The Minister wrote: "I am proud to say that we have successfully solved 217 trade barriers across 74 countries up 20 percent on last year's total. He said that the total worth of 766 billion in trade deals includes those signed with 70 countries and the European Union. Although the UK still has close ties with the EU in terms of trade deals, British companies are exporting more goods to non-EU countries 13.6 billion excluding precious metals than EU countries 12.9 billion but these figures are cash values, and the value of money has decreased over time due to inflation. The Institute of Fiscal Studies IFS reminds that people focus too much on export figures. According to the IFS, one of the misconceptions about trade is that exports are good and imports bad. READ MORE: Macron refuses to look'soft' on the Brits as the election looms.

Exports are useful because we need the money to pay for the imports we want, according to the IFS. There is no intrinsic benefit to spending time producing stuff for other people. Mr Jayawardena challenges the views of the Institute of Fiscal Studies as he claims firms that export are more productive, more profitable and pay higher wages on average than those that don't. Earlier this month, The Mirror revealed that Ranil Jayawardena was one of the MPs cashing in from links to private health firms.