EU: UK Balance of Trade

Lord Hunt of Kings Heath Excerpts

Wednesday 14th November 2012 Lords Chamber

[Baroness Warsi]

There is some writing on this as to whether the statistics are accurate because of the “Antwerp effect” where goods are actually for another destination but show that they are passing to Europe. I asked officials specifically about this matter and they informed me that the information they have from BIS is that the ONS does record the final destination. However, I cannot be specific as to how accurate these figures are.

[Lord Hunt of Kings Heath]

My Lords, I wonder whether the noble Baroness will reflect on her answer to my noble friend Lord Dubs. Was it the last Labour Government who took the decision in relation to the euro?

[Baroness Warsi]

My Lords, they took the right decision.