Trade Balance

Debate between Baroness Armstrong of Hill Top and Lord Livingston of Parkhead

Thursday 11th December 2014 Lords Chamber

[Lord Livingston of Parkhead]

First, I thank the noble Lord for his contribution to life sciences, which is very much appreciated. The life science sector is hugely important. From pharmaceuticals onwards, the UK has a very strong position. The appointment of George Freeman as the Minister responsible shows how important it is, and the measures taken on R&D allowances and tax relief on the exploitation of IP in the UK will carry on supporting this industry. I was in Boston recently, talking to a number of life science companies that are thinking of coming to the UK.

[Baroness Armstrong of Hill Top (Lab)]

My Lords—

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[Baroness Armstrong of Hill Top]

My Lords, does the Minister recognise that in the north-east we still have the highest proportion of manufacturing in the country as part of our economy? However, the large companies there, such as Nissan and now Hitachi, see membership of the European Union as absolutely critical to their ability to trade, particularly with Europe. They want to be in the north-east because of the quality of the workforce and because it is English- speaking, but they want the clear access to Europe. Are not the Government potentially putting this at risk, and will the Minister fight within his Government for this country to stay in Europe?

[Lord Livingston of Parkhead]

The north-east, indeed, is one of our manufacturing powerhouses and is part of the UK that actually has a trade surplus with the rest of the world. The Nissan factory is producing more cars than the whole of Italy. I recognise that a number of exporters wish to remain in the EU but I also recognise that they wish to remain in a reformed EU—and that is what we on this side of the House are fighting for.