EU: Balance of Competences Review

Debate between Lord Wallace of Saltaire and Lord Vinson

Tuesday 5th November 2013 Lords Chamber

[Lord Wallace of Saltaire]

My Lords, academic exercises have their valuable purposes as well. I look forward to hearing the Labour leadership say frequently and openly that they also agree with the CBI’s statement.

[Lord Vinson (Con)]

My Lords, in any future renegotiation, I hope the Government will bear in mind that currently we have a massive imbalance of trade with Europe, equivalent to £80 billion a year. Thus we are creating in Europe 1.5 million jobs more than are its trade with us creates. We also import 800,000 more cars from Europe than it buys from us. All these factors mean that in many respects from a trade point of view Europe needs us more than we need it. I hope that this imbalance of trade will be well remembered in any future negotiations. It is something that the CBI surprisingly missed.

[Lord Wallace of Saltaire]

My Lords, Britain has a trade deficit in goods with a great many countries, including China. I am not sure where the noble Lord’s argument is taking him. We have a surplus in financial services and other services with the European Union and a number of other countries as well.