Lord Price resigns as International Trade minister

Lord Price has stood down from his position as international trade minister after a year to pursue ‘business and writing interests’.



The peer will be replaced by MP Greg Hands, who has been Minister of State for Trade and Investment since July 2016.

The change will see Mr Hands take overall responsibility for the trade policy portfolio at the Department for International Trade (DIT), while a new Lords minister will be appointed to focus on promoting British exports.

Existing DIT Minister, Mark Garnier, is to become the Minister for Investment, with responsibility for foreign direct investments into the UK and UK investments overseas.

Lord Price, the former chair of Waitrose, said he had always planned to leave the Government after a “time-limited period”.

“It has been an honour to serve as Minister for Trade and Investment and then Trade Policy following the EU referendum,” he said.

“Having visited 35 countries since then I am certain that there is a huge appetite to build new and develop existing trade agreements with the UK.

“The Trade Policy team is well prepared for that work and I wish them every success.

"I previously said I would be working within government for a time-limited period, and will now be leaving to pursue my wider business and writing interests, while continuing to advocate the UK’s global trade ambitions.”

Mr Hands said: “Over the past twelve months we’ve helped secure more foreign direct investment projects than ever before, supported thousands of UK businesses on their export journey generating billions of pounds, and continue to promote the UK’s trade values across the world.

“I’m now looking forward to delivering a trade policy framework for the UK, so that we can take advantage of new trading opportunities with global partners once we leave the EU.

Liam Fox, the International Trade Secretary, praised the peer's contribution while welcoming Mr Hands to the role of designing Britain’s post-Brexit trade policy.

“Lord Price’s hard work and dedication has played a vital part in developing new and existing trade relationships - meeting with more than 75 ministers from overseas countries and hundreds of business leaders from across the world.

“I know that everyone at DIT would want to extend their thanks to him and wish him the best for his future endeavours.

“I am also delighted that such an experienced senior minister as Greg Hands, will be taking over responsibility for designing an independent trade policy in the UK’s national interest.”