With more barriers to foreign trade we need to look to our own market

                        By Sir John Redwood on May 25, 2025                     


                    The US will impose higher tariffs on the rest of the world as the President seeks to onshore more investment, The EU is a protective Customs Union imposing high tariffs to keep out foreign food and other items, imposing large non tariff barriers on overseas goods and services. China makes it difficult for foreigners to invest and sell into their market. These large players will end up with more barriers as they act out their trade war.

In these conditions it is unlikely the UK can grow faster by promoting more goods exports. It is made impossible if the government perseveres with dear energy and bans on oil, gas, petrol and diesel cars which have been important exports for us.

So what we should do as part of a Growth strategy is concentrate on import substitution. There some very easy big wins:

1 Lift the ban on discovering and producing more North Sea oil. Cut our oil imports. 2. Lift the ban on new gas production. Slash LNG imports. 3.Require all new military vehicles and ships to be made in the UK. 4.Rescue oil refining by cutting taxes on oil and home production. 5Reclaim our fish and offer support to expand our fishing fleet 6. End the progressive ban and high taxes on making and selling petrol and diesel cars 7. Require anyone putting in solar and wind farms with subsidies to meet a minimum UK content for buying the equipment 8. Exempt new homes built with 90% UK materials and components from Stamp duty on sale 9. Require all public bodies and the Motability charity to only buy UK made vehicles 10. Require the electricity industry to cover an average 100% of UK demand over a year . This is vital to national security as well as lowering the import bill.