In this case the Germans who are offering low loans to Russian companies in return for buying rival German machinery when British is best, but factoring in the cheap German loans is more expensive. The good news is that through hard work of one or two individuals in the Export Credits Guarantee Department, Hyndburn may have secured a large export order.
Britains Export Credits Guarantee Department has been excellent at trying to resolve the matter for two comapnies in the area. However there is no policy and it is all being done
1) by the seat of our pants;British exports and Hyndburn manufacturing are of vital importance to this area and they are a top priority to me because they represent well paid, highly skilled jobs.
2) in a complex manner;
3) with a laissez faire principle where our banks (rather than Government) seem unwilling to participate in the lending process.
Graham Jones (Haslingden & Hyndburn): Will the Leader of the House ask the Secretary of State to make a statement on the Export Credits Guarantee Department strategy on supporting British exports?
I have two companies in my constituency trying to export high-value products to Russia—Emerson and Renwick and Grahame and Brown. German Government grants are undercutting the loan value and it is impossible for us to export in those conditions so we do not have a level playing field. I hope that the Secretary of State can give a statement on the issue.
George Young, Leader of the House
I am entirely in favour of firms in the hon. Gentleman's constituency winning export orders and providing jobs in his constituency. I will raise with the Secretary of State for Business, Innovation and Skills the issue of there perhaps being an unlevel playing field and ask him to write to the hon. Gentleman.