Oral Answers to Questions

Debate between Greg Hands and John Hayes

Thursday 22nd February 2018 Commons Chamber

[Mr John Hayes (South Holland and The Deepings) (Con)]

8. What recent estimate he has made of the UK’s trade deficit in goods and services.

[The Minister for Trade Policy (Greg Hands)]

In 2016, the UK had a trade deficit with the EU of £70.97 billion, and a trade surplus of £39 billion with non-EU countries, up from £33.6 billion in 2015. The latest trade figures show that in 2017, the UK’s trade deficit in goods and services narrowed by £7 billion to £33.7 billion.

[Mr Hayes]

Balance of trade figures were once regarded as pivotal. They were even thought to win or lose elections. Given that we are now going to escape from the constraining clutches of the European Union, will my right hon. Friend invest again in old friends and rejuvenate our relationships in the realm with allies such as Australia and New Zealand? What steps has he taken to ensure preferential arrangements with such old allies?

[Greg Hands]

My right hon. Friend asks a very good question. First, I should like to put on record my thanks to him for leading various Government trade delegations in recent years, including one to Colombia. I know that he takes a strong interest in this subject. As I said earlier, we have set up trade working groups with Canada, the United States, Australia and New Zealand, and, unlike Opposition Front Benchers, we also voted for the comprehensive economic and trade agreement, the EU’s free trade agreement with Canada. The Secretary of State has been in all four of those markets in the past year, leading efforts to break down trade barriers and to seek new trade agreements.