Our prosperity

Prosperity is one of the major priorities of the UK government worldwide.  We define it not just about increasing exports and investments (though both are important), but we also want to open markets up and promote sustainable growth.

Belarus isn’t our largest market in the CIS but, in 2011, British exports to Belarus totalled £125m.  That’s a significant sum and one of my responsibilities is to support that business.

I have a strong personal interest in the success of British businesses.  For, without a successful economy and businesses over the long term, my government can’t afford to provide as many jobs for public servants, like me.

So I’ve met representatives of British companies here.  I’ve attended events in support of British businesses.  I have discussed problems they face with the Belarus government.  I expect to do more of this work.

I’m always on the look-out for British products and services.  This is, of course, far more complicated in the globalised world we live in.  Many British companies are owned by foreigners.  Their goods are produced outside Britain.  Or the companies are multinational.  As long as the business contributes to the prosperity of the British economy by providing jobs, investment income, or using British research, design or other inputs, I’m ready to support it.

I recently watched some husky racing here in Belarus.  Nearby was a JCB digger (or excavator as Americans would say).  Unusually for a British company, JCB is still privately owned by the Bamford family.  I don’t know how it compares to its international competitors, it is doing something right.  In 2012, it had worldwide revenues of £2.75 billion.

Belarus has its own large tractor factory which produces tractors and diggers.  But someone in Belarus has a JCB digger.  It can only be because it can do things more efficiently than other diggers.  And if the work is done more efficiently, then that will benefit the Belarusian business using it and, over time, its competitiveness.  Competitive businesses make for a competitive economy.

That’s a very simplistic example – Adam Smith described the gains from trade far more elegantly.  But the essence is that trade over the long term is mutually beneficial.  That’s why, as part of our prosperity work, we want to open up markets.

We’ve translated prosperity as “благосостояние”, which is literally “well standing”.  A more literal translation would be “процветание”, which also means “profitable” or “flourishing”.  I prefer благосостояние because it captures the sense of what we mean, of trying to improve the general welfare, than simply seeking profit – important though profit is.

While we have our political differences with the government of Belarus, our governments have a common interest.  We both want to ensure the maximum success of our economies.