Oral Answers to Questions

Desmond Swayne Excerpts

Thursday 15th December 2016 Commons Chamber

[Mr Speaker]

Order. I am very conscious that the hon. Member for Bishop Auckland (Helen Goodman) had her question transferred to another Department, and I am sensitive to her plight. If she wishes to give the House the benefit of her thoughts, doubtless she will bob up and down during topical questions and we will all be grateful for that.

[Sir Desmond Swayne (New Forest West) (Con)]

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)]

The Department for International Trade has three tasks: promoting UK exports to support a growing economy that serves the whole country; maximising opportunities for wealth creation through overseas direct investment to support the current account; and negotiating the best international trading framework for the UK outside the EU. Like the UK, my Department is open for business.

[Sir Desmond Swayne]

Will my right hon. Friend shed some light on the difference between our trade deficit with the EU and our trade deficit with the USA?

[Dr Fox]

I am pleased to say that we do not have a trade deficit with the US; we have a trade surplus with the US. In fact, we send £100 billion of exports to the US a year, which is 20% of our total, with a £40 billion surplus. The US is responsible for 26% of all our inward investment, and we are responsible for 23% of outward investment to the US. It is a very, very interdependent relationship.