Trade: Import Substitution

Lord Pearson of Rannoch Excerpts

Wednesday 19th March 2014 Lords Chamber

[Viscount Younger of Leckie]

My Lords, the Government could not be clearer that membership of the EU is in the UK’s interest. We will continue to make that case vigorously as we progress with our proposals for reforming the EU. We recognise that the EU supports UK jobs, prosperity and growth through increased trade and investment both inside the single market and through free trade agreements.

[Lord Pearson of Rannoch (UKIP)]

My Lords, is it not true that, according to the ONS, only 12% of our GDP goes in trade with clients in the European Union and that is declining and in deficit, 14% goes to the rest of the world and that is increasing and in surplus, and the remaining 88% stays right here in the domestic economy? Is not the answer to this perfectly obvious?