UK-China Economic and Financial Dialogue

Lord Grantchester Excerpts

Tuesday 14th January 2025 Lords Chamber

[Lord Livermore (Lab)]

I know the noble Baroness is desperate to find any scapegoat or excuse for her party’s total failure on the economy. Of course, there are international factors at play, but perhaps she could tell us why the UK was worse affected than any other country in the G7 and any other European country as a result of those things. It is because their austerity and their Brexit left this country more exposed and we therefore suffered far worse than any other country.

[Lord Grantchester (Lab)]

My Lords, this was an important visit. I welcome the Statement and endorse the importance of productive trade deals around the world leading to growth opportunities. I am pleased that the agritrade restrictions have been lifted. The UK has enjoyed a beneficial relationship with Taiwan, especially with regard to its world-leading semiconductor industry. In the visit to China over the weekend, was the position of Taiwan part of the conversations? Can the Minister assure the House regarding continuing trade relationships with Taiwan, against the background of the newly signed CPTPP deal and the pressures across the strait from Chinese challenges?

[Lord Livermore (Lab)]

I am grateful to my noble friend for raising those important trade issues. I can assure him that, having just acceded to the CPTPP trading relationship, we are absolutely committed to continuing that relationship and to building trade relationships in that manner. On Taiwan specifically, we consider the Taiwan issue one that should be settled peacefully by people on both sides of the Taiwan Strait through dialogue, not through any unilateral attempts to change the status quo.