UK-US Trade Deal
Debate between Elizabeth Truss and Owen Paterson(4 years, 8 months ago)
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Elizabeth Truss
That certainly will be part of our trade negotiations. There are many industries across the UK that face high tariffs and high barriers. We want those removed so that we can see every part of the UK thrive.
Mr Owen Paterson (North Shropshire) (Con)
May I heartily congratulate my right hon. Friend on bringing this statement forward on the same day that the talks begin with the EU? She followed me at the Department for Environment, Food and Rural Affairs, and she knows perfectly well the tremendous opportunities in the States for UK food, agricultural and drink products, particularly Scotch whisky. Does she agree also, going the other way, that this gives a massive advantage to every family and every business in this country, who will now have access to goods produced to world standards at world prices, forcing European producers hitherto protected by the tariff wall to sell here at world prices?
Elizabeth Truss
My right hon. Friend makes a typically Ricardian case for lower tariffs and lower barriers. He is right. It will help our British citizens to lower their cost of living, which is good for us all.
Exiting the EU: Costs
Debate between Elizabeth Truss and Owen Paterson(6 years, 11 months ago)
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Elizabeth Truss
I refer the right hon. Lady to the Prime Minister’s Florence speech, in which she laid out the commitments that we want to continue to honour, in the spirit of our future partnership, after we have left the European Union. The right hon. Lady has to be aware that this is part of a discussion that is also about our future relationship, and all those elements are contingent on securing our future relationship, as the Prime Minister laid out in her Florence speech. It would be wrong at this stage—from the point of view of not only the negotiations, but transparency to the public—to lay out something before it is fully agreed. That would not be helpful.
Mr Owen Paterson (North Shropshire) (Con)
To cheer up the miseries on the Opposition Benches, perhaps they would like to look at the prospective budget published by Economists for Free Trade in the week before the Budget. It is a really exciting prospectus that says that our economy will grow at 3% a year by 2025, providing an infrastructure surplus of £60 billion, which easily covers the £18.2 billion a year for the famous £350 million. But that is contingent on reciprocal free trade with zero tariffs, so will my right hon. Friend guarantee that there will be no legally binding commitment to spend money until our partners agree to a serious free trade deal that is based on reciprocal free trade and zero tariffs?
Elizabeth Truss
I fear that my right hon. Friend is over-optimistic if he thinks we can stop Opposition Members from being miserable. We tried that over four days of Budget debate, but we have been unsuccessful so far. He is absolutely right to talk about the benefits of free trade for the British economy—I completely agree with him. We are seeking a good deal that benefits the UK in the long term.