Principle of Comparative Advantage: Bicentenary

Lord Maude of Horsham Excerpts

Tuesday 17th January 2017 Lords Chamber

[Baroness Mobarik]

I do not think there is time today to go into various academic works. If the noble Lord is alluding to protectionism, we are committed to taking a fair and balanced approach to protecting sectors against unfair trade.

[Lord Maude of Horsham (Con)]

My Lords, does my noble friend agree that there was a strand in the Brexit referendum campaign that was hostile to the open movement of goods, services, talent and investment, and that that strand was deeply unattractive? Does she agree that it has never been more important for this country and this Government to be a really inspiring voice in support of free trade?

[Baroness Mobarik]

I absolutely agree with my noble friend. To reinforce that, according to the World Bank, in the three decades between 1981 and 2011 liberalised trade practices in the developing world saw the proportion of their citizens living on less than $1.25 a day fall from 50% to under 20%. This represents the greatest decrease in material deprivation in human history.