CBI CEO urges government to champion free trade amid protectionism

In a speech today (Tuesday 24th June) at the Associated British Ports reception, and in the week the government plans to publish its Trade Strategy, Rain Newton-Smith, CBI CEO, will deliver a strong message on the importance of "championing free and fair trade" against a backdrop of protectionism and uncertainty. Reflecting on the current global context and recent B7 summit she will warn that "the storm clouds are real" and that "Business leaders are worried. About rising uncertainty. Fragmented supply chains. Growing protectionism. And a more fragile and dangerous world."

Highlighting the vital role of UK ports as the "lifeblood of our trade" and a powerful symbol of the UK's commitment to an open and fair economy carrying 95 per cent of UK trade in goods and supporting over 700,000 jobs across the economy. She will say "Ports aren't just the frontline of our trade. They are the expression of our open economy."

Challenging calls for isolation and retaliatory measures, Rain Newton-Smith says "There will be voices that say we should answer fear with fear. Tariffs with tariffs. Barriers with barriers. Let me say this as clearly as I can: We are not safer by hiding. We are not stronger by building walls. Protectionism protects no-one and harms everyone... As we look ahead to the government's coming Trade Strategy, business is clear: this is a moment to double down on openness, not retreat from it."

For the CBI, openness is not just a business view but rather "an economic truth", particularly with exports accounting for "over 30 per cent of our GDP." In anticipation of the government setting out its Trade Strategy later this week Rain Newton-Smith will add that "We need an approach that can look to the US and China. To Europe and Asia. Not naïve about risks and security, or competition and politics. But committed to free and fair trade, the centuries of openness that make us who we are today".

She will assert that openness is the only way to "face down the great global challenges and opportunities of our time", from climate change to ageing populations as well as new technology and AI: "No country can face these alone. We may be an island, but we cannot afford to be isolated". Rain Newton-Smith will end by stating "Looking outward is not a weakness. It has always been our strength...openness is not a risk - it is our resilience."