G8

Caroline Spelman Excerpts

Wednesday 19th June 2013 Commons Chamber

[The Prime Minister]

I thank the hon. Gentleman for his question. Each of the G8 leaders mentioned how pleased they were to be in Northern Ireland and how impressed they were by the progress of the peace process. The advertising or, as I put it yesterday, infomercial for Northern Ireland was priceless. I ensured that the leaders were all sent off with a bottle of Bushmills to enjoy when they got home.

We discussed the tax issue. It is important to recognise that as well as the issues with the rate of corporation tax, there are issues with how tax authorities handle companies. We must ensure that they do not turn a blind eye to bad practices. That is an important part of the debate.

[Mrs Caroline Spelman (Meriden) (Con)]

The Prime Minister was right to take a lead on the EU-US trade deal, which could increase car exports by a further 25%. Does he agree that another very big prize, through the mutual recognition of regulations, would be the ability to set standards globally?

[The Prime Minister]

Yes, my right hon. Friend is absolutely right. That point highlights what a complicated and difficult deal it is. We sometimes think that trade deals are just about taking down tariff barriers and then letting the market decide. Modern trade deals are much more about agreeing common standards and recognition of each other’s standards, and opening up things like services and procurement. The deal will be difficult and complicated, but it has started with good will on all sides, which is the right way to kick it off.