Exiting the European Union and Global Trade

Debate between Barry Gardiner and James Duddridge

Thursday 6th July 2017 Commons Chamber

[Barry Gardiner (Brent North) (Lab)]

First, I join the Secretary of State in paying tribute to PC Keith Palmer and all the other victims who suffered on that fateful day in March when this debate was last scheduled.

The Secretary of State is at the Dispatch Box fielding for the first time since the creation of his Department almost a year ago a debate on Government trade policy in Government time. It is not exactly normal practice for Trade Ministers to hasten to the Dispatch Box when the country has just posted one of the worst sets of balance of payments figures in its recorded history. Although I admire the right hon. Gentleman’s chutzpah, I am not entirely convinced about his timing. The figures released just last week by the Office for National Statistics show that in quarter 1, the UK’s current account deficit was £16.9 billion—a widening of £4.8 billion from a deficit of £12.1 billion in the previous quarter—most of which is due to the widening of the trade deficit. Despite sterling being so low, exports increased by only £1.7 billion, whereas imported goods increased by £4.3 billion—a widening of £2.6 billion.

[James Duddridge]

When we are importing more than we are exporting, surely it is easier to get a deal with our European colleagues, whose interest appears to be in continuing to export to us.

[Barry Gardiner]

I want us to get a deal. Of course we want the best deal for this country, but the hon. Gentleman has to take on board the fact that since the referendum decision our country’s currency has depreciated by 12%. I trust that that is not something that he feels sanguine about.