(6 years, 7 months ago)
Commons ChamberWe have been clear that we are leaving the EU’s customs union and single market in March 2019. Only by doing so will we be able to set out own tariffs on goods, deliver our own trade policy with the rest of the world and open markets for UK businesses. All of these are golden opportunities for our nation that will enable more growth, prosperity and jobs—I am sure my hon. Friend will be looking forward to this opportunity.
I am delighted I have got the services of the dynamic new young Minister. I am very grateful to her for reinforcing the point that if we stay in the customs union, that will mean that Brussels retains control of our trade policy. Will she tell the House and explain to me why, given that we have the sixth largest economy in the world and English is the language of international trade, some people are so nervous about the UK having its own trade policy?
My hon. Friend makes an excellent point. We have so many strengths in our country, which make us well placed for our future outside the EU and its customs union. Some 90% of future global growth will come from outside the EU. We had record high foreign direct investment last year and exports up by 10%, with unemployment down, inflation down and growth up—all of this is despite Brexit.
(6 years, 9 months ago)
Commons ChamberIs the Minister aware that there are a large number of small and medium-sized enterprises in Norfolk that are absolutely determined to increase their exports to new markets? These are dynamic, forward-thinking companies. Further to the question asked by my hon. Friend the Member for Dumfries and Galloway (Mr Jack), what progress is being made with the EU to ensure that we are actually able to negotiate bilateral treaties with third countries during the transition?
It has been the clear commitment of this Government that during the implementation period we will be able to take concrete steps forward in negotiating and signing new free trade agreements with countries outside the EU, although of course they would not come into force until after the end of the implementation period. My hon. Friend is right that leaving the customs union and forging a new trade policy is a chance to open up to British businesses new markets that they have not previously had access to. That will help consumers, increase investment and only lead to prosperity.