Jack Lopresti
Main Page: Jack Lopresti (Conservative - Filton and Bradley Stoke)Department Debates - View all Jack Lopresti's debates with the Department for International Trade
(5 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Andrea Jenkyns
The hon. Gentleman and I are clearly on the same page about the opportunities for the UK when we finally leave the EU.
The US will be down to third place in the global GDP rankings in 2050, and the EU27’s share of world GDP could fall below 10%. According to this report, the UK could be down to 10th place, France will be out of the top 10 and Italy will be out of the top 20, as it is overtaken by faster-growing emerging economies such as Mexico, Turkey and Vietnam.
We are at a crossroads, and not just for our country and Brexit. There is a shift in global economic power from the west to the east. This cannot be stopped. It is right that a country with a population the size of India should have a higher GDP, which is good for tackling extreme poverty. It has also been shown that it is only through capitalism and trade that these countries will grow. The UK, as an outward-looking trading nation, has a chance to forge strong links with the economic powerhouses of tomorrow. We need to get in there first, take advantage of our position now and be able to sign free trade deals to fully maximise our opportunities.
Jack Lopresti (Filton and Bradley Stoke) (Con)
I congratulate my hon. Friend on securing this debate and making a brilliant speech. Will she join me in paying tribute to a great British company called Rolls-Royce, which employs nearly 3,000 people in my constituency and 22,000 people across the UK? It is responsible for 2% of our nation’s exports and makes a £12.2 billion contribution to our economy, which represents 0.7% of our GDP. It is a fantastic company, with global outreach. It is ambitious and is driving the way forward. Does she agree that companies such as Rolls-Royce are going to lead the way in a post-Brexit Britain?
Andrea Jenkyns
I thank my hon. Friend for his intervention. It is probably the only time I will ever give way to my husband. I thank him for his question and agree that Rolls-Royce is a fantastic company.