Effective trade is crucial to the success of the UK, and in order to achieve the best possible outcomes, a consensus must be reached across nations, regions, businesses and interest groups in the UK.
To ensure this happens, the UK Government should establish an independent agency, modelled after the highly regarded Swedish Board of Trade, which will be accountable to the Secretary of State for Business and Trade.
This new agency should replace the existing Board of Trade and be responsible for a range of tasks including analysing the UK's trading performance, conducting impact assessments of new trade deals, and overseeing the implementation of existing agreements to identify areas where they can be improved. The agency should also monitor how UK nations and regions are affected by international trade agreements and conduct horizon scans to identify emerging issues of importance.
Like the OBR, the UK Board of Trade should be fully independent of government, with its own staff and governance structure. Board members should reflect the breadth of trade policy stakeholders.
By embracing this approach, the UK can elevate its trade policy to new heights of professionalism, guaranteeing that all stakeholders are included and the UK secures optimal outcomes.
Specifically, the new UK Board of Trade should: