Exports to the European Union

Lord Brownlow of Shurlock Row Excerpts

Wednesday 20th November 2024 Lords Chamber

[Lord Livermore (Lab)]

I agree 100% with my noble friend. I have not had the opportunity to read that article yet, but I absolutely will on his recommendation. He is right that the strength of those relationships is vital. As the Chancellor said in her recent Mansion House speech, we

“will always do what is in our national interest for our economy, for our businesses and for the British people”.

As she also said, the European Union is by far our biggest trading partner.

[Lord Brownlow of Shurlock Row (Con)]

My Lords, it is very good to hear from the Minister about maybe pivoting to a closer relationship with the European Union. What does he think the new Administration in the United States should take from that inference, given the prospective trade and tariff war with that country?

[Lord Livermore (Lab)]

In the recent Mansion House speech, the Chancellor said that we will always stand up for

“free and open trade, especially with our most economically important partners. That includes the United States”,

obviously—it is one of our most important destinations for financial services trade, for example—and that there is great

“potential for us to deepen our economic relationship on areas such as emerging technologies”.