EU: UK Balance of Trade

Lord Dykes Excerpts

Wednesday 14th November 2012 Lords Chamber

[Baroness Warsi]

I was not aware of those specific issues in relation to food trade. However, I go back to the general point. There will be some areas, predominantly in goods, where we run a deficit but there are other areas, in which we are very good, such as services, where we run a surplus.

[Lord Dykes]

Does my noble friend agree that although the United Kingdom has a physical trade deficit with most advanced countries in the world, we make up for that in considerable financial services?

[Baroness Warsi]

I do agree. The basis of the free market is that economies focus on those things that they are best at. It would be unusual for us to produce everything if it was not competitive for us to do so. We produce those goods and services in which we are competitive and for which we have a reputation around the world. We must continue to focus on those.