UK-US Trade

Debate between Baroness Gustafsson and Lord Watts

Monday 12th May 2025 Lords Chamber

[Baroness Gustafsson (Lab)]

The noble Lord is right that there is still a lot of work to be done. But having spent time with the many very capable and hard-working officials who have been part of this deal, it is worth acknowledging the hard work that has gone into this, which we are very appreciative of. The reality of this situation is that it has lifted some of the barriers to trade for many of our industries and some of the key sectors that we really value—for example, the automotive, steel and pharmaceutical industries. The noble Lord is right that there are still a lot of industries that have not been covered by the scope of this agreement. We are just starting on our journey, making sure that we can build on the strong trading relationship between the US and the UK and continue this approach of removing the onerous tariffs and supporting the people, industries and sectors supported by this.

The areas that have been covered by this agreement employ over 320,000 people within the UK, with a further 260,000 jobs within the UK supporting these sectors. Yes, it is just the first step in negotiating the fuller economic situation with the US, but I think the noble Lord will agree that it is a very powerful one.

[Lord Watts (Lab)]

My Lords, is it not the case that no matter how good a deal we do with America, Europe is our most important trading partner and the one that we should concentrate on and get the most out of?

[Baroness Gustafsson (Lab)]

I agree with my noble friend that our trading relationship with the EU is incredibly important. I do not believe in the premise of false dichotomies or that we are picking between one and the other. This is a continuing relationship and dialogue. I note that there is a very important EU summit coming up in May, which should really endorse and build on our relationship with the EU.

EU Law

Debate between Baroness Gustafsson and Lord Watts

Tuesday 28th January 2025 Lords Chamber

[Baroness Gustafsson (Lab)]

The Government’s priorities are around driving economic growth within the UK, and I firmly believe that regulation has an important role to make sure that that growth is not short-term but long-term and sustainable. We have many trading opportunities within Europe, which is one of our largest trading partners, and there is an opportunity to make sure that we work to remove any barriers that get in the way of supporting that trade while making sure that we still support our own ambitions within the UK to drive that sustainable economic growth.

[Lord Watts (Lab)]

My Lords, I congratulate the Government on trying to reset the relationship between ourselves and Europe that was ruined by the previous Government. Can I urge the Minister to put growth and our trade relationship at the forefront of our policy and to take no notice of those people who live in the past and have no idea how to attain the growth that we need?

[Baroness Gustafsson (Lab)]

I thank my noble friend for that question. We completely agree that economic growth within the UK is our number one priority. A great way to achieve that is by freshening the relationships we have with our key trading partners both within Europe and beyond.

Competition and Markets Authority Chairman

Debate between Baroness Gustafsson and Lord Watts

Monday 27th January 2025 Lords Chamber

[Baroness Gustafsson (Lab)]

I do not think this is about short-term growth. This Government are committed to prioritising long-term sustainable growth, and I think that goal unifies us all. The regulators have a part to play in that, which is making sure that they are reviewing the regulations through the lens of growth and understanding whether they are still fit for purpose. This is not about tearing down regulation for regulation’s sake; it is about viewing it through the lens of our goal as a Government and making sure it is aligned to that.

[Lord Watts (Lab)]

My Lords, many of us think it is about time that we had accountability for regulators. The regulators appointed by the previous Government failed to protect the public or boost the economy. Do we not need proper regulation to be applied and to make sure that the regulators are on the side of the public?

[Baroness Gustafsson (Lab)]

I thank my noble friend for that question. He is right; regulation and growth need not be mutually exclusive. This is about creating sustainable long-term growth that protects not only consumers but businesses, so that they have a fair, competitive and open ground on which to compete.