(8 years, 6 months ago)
Commons ChamberThat is indeed the case, and it shows that we can have the best of both worlds because we are gaining from the trade deals that the European Union has negotiated at the same time as increasing our trade with other countries with which Europe does not currently have a trade deal.
Is my right hon. Friend aware of the significant inward investment in the automotive trade in the north-east of England, not only at Renault-Nissan but at Nifco, at Elring Klinger and at A. V. Dawson in Middlesbrough, which are all part of the supply chain? If we had to wait seven years for a new trade deal to be reached, what would be the likelihood of Nissan or Hitachi continuing to invest in our region?
My hon. Friend makes a powerful point. The north-east, along with Wales, probably understands better than any other part of the country just how important membership of the European Union is to the economic prospects of the communities and families that depend on the jobs that come from that investment, not least because the north-east exports a higher proportion of what it produces to Europe than to other parts of the world.