Labour minister Douglas Alexander has attacked the trade policy pursued by governments since the 2016 Brexit referendum as having a “post-imperial delusion”.
Alexander, who serves as Minister of State for Trade Policy and Economic Security, spoke at a LabourList event on the partnership between business and government brought with Barclays bank.
The minister, who returned to parliament in July’s general election after losing his previous seat in 2015,
“We’ve had a lot of post-imperial delusion in British trade policy in recent years. Post 2016, the idea that trade deals with Australia and New Zealand – however worthwhile – in any way touch the sides of leaving the deepest single market that we were apart of – which is called the European Union.”
Despite increasing pressure from activists and some politicians towards greater regulatory alignment with the European Union, the Labour Party did not back rejoining the EU, Single Market or Customs Union in its 2024 election manifesto.
Recap on all of the news and debate from party conference 2024 by LabourList here.
Alexander added: “The lack of stability that has been talked about meant that the political risk associated with investing in UK was priced in a way more akin to an emerging market than established OECD country.”
The panel also discussed the issue of diversity in the business and investment world, with Hannah Bernard, bead of business banking at Barclays, saying there is a “structural bias” in the investment landscape.
Douglas Alexander added: “My experience was that the investment community was shockingly white and shockingly male.”
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