UK/US Free Trade Agreement

Debate between Lord Leong and Lord Anderson of Swansea

Monday 20th January 2025 Lords Chamber

[Lord Leong (Lab)]

I thank the noble Lord for his question. We are in a position of strength when dealing with the US and with the EU. There is no question of a binary divide, but we should not take that for granted. We have to work with our partners, and two of our partners are among the biggest trading partners in the world.

[Lord Anderson of Swansea (Lab)]

Does my noble friend agree that any potential benefits of a trade deal with the US are but a fraction of what we have lost by leaving the European Union? Does he agree that when, under President Biden, we attempted to have a comprehensive free trade agreement, it foundered on two main obstacles—the high food standards which we enjoy and the problem of Northern Ireland—both of which appear still to persist?

[Lord Leong (Lab)]

I thank my noble friend for that question. The US is our single largest trading partner, amounting to well over £300 billion last year. We have invested close to £1.2 trillion in both our economies, and employ almost 1 million people. The US is a country that we have to deal with, and our businesses ask us to work with the US.