Trade Negotiations

Alison Griffiths Excerpts

Thursday 8th May 2025 Commons Chamber

[Mr Alexander]

I thank my hon. Friend for his generous roll-call of honour. It would probably do my career prospects in the Department for Business and Trade some benefit if I added the Secretary of State to his roll-call of Lord Mandelson and the Prime Minister.

Of course, the latest cut in interest rates from the Bank of England will be welcomed by hard-pressed families seeking to make their mortgage payments in communities right across the country. As I said earlier, the Prime Minister has commented on today’s US agreement that it is

“jobs saved…not job done.”

The work goes on in relation to sorting out the fiscal mess that we inherited and raising the trend rate of growth, but I hope that both the US deal today and the cut in interest rates will be welcomed in all parts of the House and the country.

[Alison Griffiths (Bognor Regis and Littlehampton) (Con)]

I am sure the Minister will agree that the economic landscape has changed dramatically since 26 March: we have had the trade deal with India, we have had today’s pact with the United States, the Employment Rights Bill will come into law later this year, and there is much more besides. In the interests of transparency to this House, and indeed to the country, will he request a summer forecast update from the Office for Budget Responsibility that incorporates all the latest updates and let us know what the public finance impacts will be?

[Mr Alexander]

As a mere Minister of Trade, I am not sure the Treasury would look kindly on me telling the OBR when to update its forecasts. I am a Trade Minister, not a Treasury Minister, but I have noted the hon. Lady’s observation. She is entirely right that the economic landscape has changed. It is right to recognise that many of the promises that were made in the past about us seeing major trading blocs bringing barriers down have been set aside in recent months and years, and we are seeing major trading blocs putting barriers up. That is why today’s deal is so significant.