Trade: Import Substitution

Baroness Neville-Rolfe Excerpts

Wednesday 19th March 2014 Lords Chamber

[Viscount Younger of Leckie]

My Lords, I was not intending to be drawn into a discussion on Europe, but the House will like to be reminded that an estimated 3.5 million jobs—some one in 10—are linked to, but not dependent on, trade with the EU. Since the single market came into being, our trade with Europe has tripled. Some 45% of UK exports currently go to the EU, so it remains a most important market.

[Baroness Neville-Rolfe (Con)]

My Lords, does my noble friend agree that the measures on energy and on support for investment and manufacturing announced in today’s Budget will improve the competitiveness of our industries and therefore encourage import substitution and improve the trade balance?

[Viscount Younger of Leckie]

Yes, indeed. The announcement that has been made today will very much help the trade balance, and exports, which I have mentioned already on this Question and on the previous PQ, will benefit.