Oral Answers to Questions

David T C Davies Excerpts

Thursday 14th March 2019 Commons Chamber

[Dr Fox]

The Trade Bill was and is about trade continuity, including trade agreements and including the Trade Remedies Authority. It has been used, I am afraid, in the other place to hold debates on future trade agreements that will come in due course here. There is of course a difference between setting out negotiating objectives, which the United States did, and a mandate, which is how the negotiators actually go about it. It seems that the hon. Gentleman has not grasped that point yet.

[David T. C. Davies (Monmouth) (Con)]

T2. Does my hon. Friend agree that the enormous investment in Britain by the Norwegian sovereign wealth fund shows that, with or without a deal, this country is one of the best places in the world to do business? If he does agree, will he draw this to the attention of some of his colleagues in the Cabinet?

[The Parliamentary Under-Secretary of State for International Trade (Graham Stuart)]

I thank my hon. Friend for his question. He is right; the world’s largest sovereign wealth fund has said that it will continue its investment here. The latest figures from the United Nations Conference on Trade and Development show that the UK strengthened its position last year as the No. 1 foreign direct investment destination in Europe. The hundreds of thousands of jobs and higher wages that result would be threatened by the Labour party if it got the chance to jack up corporation tax rates and put in place other business-unfriendly policies. That would reverse the investment that has brought so much good to this country since Labour left in 2010.