Written question asked by Lord Empey (Ulster Unionist Party) on Thursday, 5 February 2026, in the House of Lords. It was due for an answer on Thursday, 19 February 2026. It was answered by Lord Stockwood (Labour) on Wednesday, 11 February 2026 on behalf of the Department for Business and Trade.

Balance of Payments

Question: To ask His Majesty's Government what consideration they have given to establishing a unit to promote import substitution; and what assessment they have made of the potential for such a unit to improve the UK's balance of payments.

Answer: Our modern Industrial Strategy is a 10‑year plan to back the UK's strengths and realise our potential, creating a connected, high‑skilled, and economically growing country. We are also establishing a new Supply Chain Centre to analyse key inputs for priority sectors, assess future demand and identify where action is needed to increase our economic resilience - such as building domestic capability, diversifying supply routes and forming strategic international partnerships to ensure resilient and competitive supply chains. We will announce more details in due course.

Secondary information