Amendment of the Law

Baroness Primarolo Excerpts

Thursday 22nd March 2012 Commons Chamber

[Mr Cash]

My hon. Friend anticipates what I was about to say: the UK should be the best place for businesses in the entire world, not just Europe.

That is very important. Especially given the current eurozone crisis, we cannot carry on kidding ourselves that our future depends on our trade with Europe. It is an important part of our trading relationships, but it is a failing part. Our balance of payments figures show that in just one year the deficit in our trade with the other European Union member states has risen from £14 billion to £46 billion. I understand the figures will be revised on 28 March. I trust the figures for 2010-11 will not show that the deficit is worse still.

The previous Government put all their eggs in the European basket. This Government, to their credit, are beginning to refocus their trading relations with the rest of the world. We have a monumental opportunity to be able to get that straight in terms of—

[Madam Deputy Speaker (Dawn Primarolo)]

Order. Time is up.

--- Later in debate ---

[Several hon. Members]

rose—

[Madam Deputy Speaker (Dawn Primarolo)]

Order. I intend to start the winding-up speeches at 5.40. That gives us eight minutes. Members can work out for themselves whether they will share the time or not.