Oral Answers to Questions

Debate between Greg Hands and Lisa Cameron

Thursday 9th February 2017 Commons Chamber

[Greg Hands]

My hon. Friend raises an interesting point, and I think we will have to look at that when we come to it. There are a number of important aspects of CETA that we might look to replicate in a future deal, but, for the time being, while we remain a member of the EU, the UK remains strongly supportive of CETA going through.

I heard the right hon. Member for Warley (Mr Spellar) say that he was the unnamed Back Bencher referred to in the “Politics Home” article. It is good to see that he is now named, and that he is supporting the Labour party’s traditional friends in Canada, the Liberal party.

[Dr Lisa Cameron (East Kilbride, Strathaven and Lesmahagow) (SNP)]

2. What recent progress the Government have made on promoting fair trade with developing countries.

Oral Answers to Questions

Debate between Greg Hands and Lisa Cameron

Tuesday 19th January 2016 Commons Chamber

[Dr Lisa Cameron (East Kilbride, Strathaven and Lesmahagow) (SNP)]

8. What fiscal steps he is taking to reduce the trade deficit in order to reduce the reliance of the economy on domestic spending.

[The Chief Secretary to the Treasury (Greg Hands)]

The Government have taken a range of steps to reduce the trade deficit. Since 2010, UK Trade & Investment has more than doubled the number of businesses supported, and UK Export Finance has provided more than £15 billion of support. Earlier this month, I saw some of the results of that support when I met entrepreneurs at ESpark’s new hatchery in Edinburgh. Many start-ups and exporters in Scotland greatly appreciate UKTI’s assistance. I welcome the Government’s announcement this morning of an improved UKTI approach to exporters across the whole of the UK.

[Dr Cameron]

It is incredible for the Minister to continue with a policy that has failed and that resulted last year in a horrendous £123 billion deficit in the trade of goods. We all want to see reduced dependence on consumer debt, but is it not time for him to admit that the UK Government’s policy has failed? I gently suggest revision.

[Greg Hands]

The trade deficit is actually improving as a share of GDP, and it is projected to continue to do so in the Office for Budget Responsibility’s forecast. What would be an absolute disaster is the Scottish National party’s policy of full fiscal independence, which would cost Scotland £10 billion a year, added to which the collapse in the oil price would, according to the OBR, result in revenues this year being down by a staggering 94%. That would be a disaster for Scotland.