Oral Answers to Questions

Barry Sheerman Excerpts

Thursday 11th January 2018 Commons Chamber

[Dr Fox]

I have made it clear on a number of occasions, including in this House, that when it comes to future free trade agreements, Australia and New Zealand would be two of our top three priorities. If we are able, by another means, to achieve the sort of liberalisation in trade that we would all like to see, then that would be fine.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

Surely the Secretary of State would agree that no Trans-Pacific Partnership trade deal will make up for the loss of the European Union market. Has he seen this morning’s independent report, commissioned by the Mayor of London, that shows what a cataclysmic effect leaving the EU will have on our business and so many jobs?

[Dr Fox]

As usual, I do not accept the premise of any part of the hon. Gentleman’s question. I do not believe that we will necessarily lose our share of the market. We want to maintain an open agreement with the European Union, and it will want to maintain an open agreement with us, because we are the fifth biggest economy in the world and a major trading partner for it. Of course, this morning’s report was anything but cataclysmic. In fact, its worst assessment was less than half the assessment that was given to us before the European referendum on what our loss of market share might be if there were no deal whatsoever.