Brexit: Trade

Lord Pearson of Rannoch Excerpts

Thursday 2nd February 2017 Lords Chamber

[Lord Bridges of Headley]

I hope the noble Baroness will forgive me, but she is approaching this from a somewhat pessimistic point of view. I approach it from a more optimistic and ambitious point of view. I believe that the United Kingdom has a very strong economic record on which we can build. I believe that we already have fantastic networks, right across the world, on which we can also build. Therefore, while I understand the challenges that lie ahead, I believe that when we put our mind to it and approach it in the way that my right honourable friend the Prime Minister has set out, there is no reason to take the somewhat pessimistic approach that the noble Baroness has outlined.

[Lord Pearson of Rannoch (UKIP)]

My Lords, what do the Government think of the latest Civitas research, which can find no discernible benefit from our membership of the EU single market and customs union since we joined it? Is it not also true that the EU needs our free trade very much more than we need its? Is it not also the single market that inflicts Brussels overregulation on the 90% of our economy which does not sell into it, and which has stopped us doing free trade deals with the markets of the future? Is not the single market a pretty good disaster?

[Lord Bridges of Headley]

There are a number of questions wrapped up in that. From what my right honourable friend the Prime Minister set out in her thoughtful speech at Lancaster House, I shall pick up one point. There are aspects of the customs union that we do not wish to be part of, which restrict our ability to strike free trade agreements with non-EU countries. However, there are aspects of the customs arrangements that exist which we wish to preserve. We wish to try to ensure that there remains frictionless trade across the EU, as far as possible.