Oral Answers to Questions

Dominic Raab Excerpts

Thursday 15th December 2016 Commons Chamber

[Dr Fox]

The whole point of reaching an agreement is because it is beneficial to both parties, otherwise an agreement would not be reached, and regulatory and compliance standards will always be an important part of that.

[Mr Dominic Raab (Esher and Walton) (Con)]

3. What steps he is taking to expand UK global trade.

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

With the current slowdown in the growth of global trade, the UK must be a world leader in championing free trade worldwide and banging a drum for British business. Our measures to support UK business trading globally include a network of advisers in 109 markets, online advice at GREAT.gov.uk and support through UK Export Finance. Both myself and ministerial colleagues have continued to meet businesses in the UK and abroad, including 50 ministerial visits to 34 markets overseas.

[Mr Raab]

I thank the Secretary of State for that answer. Professor Patrick Minford has estimated that UK trade liberalisation would cut consumer prices by 8%. Does the Secretary of State agree that forging our own free trade arrangements outside the EU presents huge opportunities to ease the cost of living for low-income families?

[Dr Fox]

I am grateful to my hon. Friend for that question, and he is right to highlight the potential of free trade to reduce the cost of living in this country. Free trade ensures that more people can access more goods at better value, making their incomes go further, whereas protectionism tends to hurt the poorest the most.