Asked by: Lord Birt (Crossbench - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government, further to the Written Answer by Lord Johnson of Lainston on 16 April (HL3357), how they reconcile the data mentioned in the Answer with the independent analysis from Goldman Sachs which concluded that the UK's economy is 5 per cent smaller than it would have been if the UK had remained in the EU.
Answered by Lord Johnson of Lainston
Since the referendum, the UK has grown faster than Germany, Italy, and Japan (Q2 2016 – Q4 2023). The International Monetary Fund (IMF) predicts that between 2024-2029 the UK will see the third fastest growth in the G7. The UK’s relative productivity performance versus the G7 has remained around the average for the rest of the G7, from 2010 to 2022; ahead of Canada, Italy and Japan.
The Department for Business and Trade is focussed on delivering the opportunities through: new trade deals, removing market access barriers, and maximising regulatory freedoms to strengthen the UK economy.
Asked by: Lord Birt (Crossbench - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether they have any plans to commission a review into the (1) economic, and (2) other, (a) benefits, and (b) disbenefits, of Brexit.
Answered by Lord Johnson of Lainston
The Department for Business and Trade has no plans to commission a review into the economic, and other benefits or disbenefits of Brexit. However, to mark the fourth anniversary of Brexit, on 31st January this year, the Department for Business and Trade published an overview of Brexit successes: Brexit 4th Anniversary
Since the referendum the UK has grown faster than Germany, Italy, and Japan. Latest figures show that UK exports are £862bn in current prices and 2% above pre-COVID (2018) levels when adjusting for inflation. The lnternational Monetary Fund (lMF) predicts that between 2024-2029 the UK will see the third fastest growth in the G7.
The Department has secured free trade deals with 73 countries plus the EU, partners that accounted for £1.1 trillion UK trade in 2022 and simplified import tariffs to lower costs for businesses and households.
Asked by: Lord Birt (Crossbench - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of reports that Royal Mail are not meeting their delivery targets for letters.
Answered by Lord Offord of Garvel
As the independent regulator for the postal sector, it is for Ofcom to monitor Royal Mail’s delivery of the universal service obligation and decide how to respond should Royal Mail fail to meet its obligations.
Ofcom fined the business £5.6m for failing to meet its service delivery targets in 2022-23 and is closely monitoring Royal Mail’s performance to ensure service issues are addressed as a priority.