Oral Answers to Questions

Christian Matheson Excerpts

Thursday 11th January 2018 Commons Chamber

[Greg Hands]

The Taxation (Cross-border Trade) Bill, which had its Second Reading on Monday, provides exactly for the scheme of preferences to be taken across into UK law. I find it extraordinary that the Opposition parties voted against it. They voted against the UK having its own trade preferences scheme for developing countries. That is a disgrace. I very much hope that they will reconsider their position as the Bill passes through the House of Commons.

[Christian Matheson (City of Chester) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

[The Secretary of State for International Trade and President of the Board of Trade (Dr Liam Fox)]

Mr Speaker, you should see the length of the answers before we get to this stage.

My Department is responsible for UK exports, investment and trade policy. As we begin 2018, the House should note that in 2017 we achieved an all-time record for foreign direct investment. Our exports are up by 14% and employment is at a record level. Yesterday we saw that venture capital coming into tech firms was also at an all-time high, and that is before we consider the improvements in our manufacturing performance.

[Christian Matheson]

The Secretary of State does not want to trade under EU rules, under which we have considerable influence, but he is happy to trade under World Trade Organisation rules, under which we do not have very much influence. What does he find objectionable about EU trading rules that he does not find objectionable about the WTO?

[Dr Fox]

That is rather to misunderstand the situation, because the EU itself has to trade under WTO rules and is not exempt from them. We look forward to having our independent seat on the WTO, of which we are a former member, so that we can have a greater say in global trading policy, because as a member of the European Union we have none.