Trade Balance

Debate between Lord Kakkar and Lord Livingston of Parkhead

Thursday 11th December 2014 Lords Chamber

[Lord Livingston of Parkhead]

I certainly confirm that that is a key priority: both extending the single market to services, which we are pushing for in the EU, and the trade and services agreement, which is a plurilateral agreement between many countries. The UK is championing that. As such a large producer of services, we certainly support both those measures to increase trade.

[Lord Kakkar (CB)]

My Lords, as business ambassador for life sciences and healthcare, may I ask what assessment Her Majesty’s Government have made of the contribution of the life sciences industry to the UK economy?

[Lord Livingston of Parkhead]

First, I thank the noble Lord for his contribution to life sciences, which is very much appreciated. The life science sector is hugely important. From pharmaceuticals onwards, the UK has a very strong position. The appointment of George Freeman as the Minister responsible shows how important it is, and the measures taken on R&D allowances and tax relief on the exploitation of IP in the UK will carry on supporting this industry. I was in Boston recently, talking to a number of life science companies that are thinking of coming to the UK.