EU: UK Balance of Trade

Lord Elton Excerpts

Wednesday 14th November 2012 Lords Chamber

[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.

[Lord Elton]

My Lords, it is a mistake to value or devalue Europe on the grounds of finances alone. Is it not the case that the European Community has the opportunity to have a preponderant voice in international affairs? As the high representative is a Member of this House, would it not be a good thing if occasionally we could hear what positions she takes on behalf of Europe?

[Baroness Warsi]

The noble Baroness is on a leave of absence, and I think everybody in this House would agree that she does an extremely valuable job. It is true that the relationship extends far beyond just the trade relationship. I am sure my noble friend would agree, as would many noble Lords, that it is a relationship on which we can exert influence, and one that I and many in this House believe needs rebalancing.