Responding to comments made by Liam Fox on the UK’s exporting future, Liberal Democrat Leader and former Business Secretary Vince Cable said:
“The trade target suggested by Liam Fox is meaningless. It has been pulled out of thin air.
“We have seen this sort of target missed and forgotten about several times before. Increasing exports requires measures to make our businesses more globally competitive in addition to Government support for key industries, neither of which have been offered by the Trade Secretary.
"The Government’s own economic analysis shows that non-EU trade deals would not come close to making up for the loss of EU trade, which could happen as a result of Brexit. Relying on a mirage of trade deals with parties outside the EU is at best a gamble, at worst fantastical.
“The best way to become an exporting superpower is to protect our place in the single market and customs union by exiting from Brexit, whilst simultaneously supporting exports to rapidly growing markets across the world from within the EU."