European Union (Withdrawal) Bill

Lord Selsdon Excerpts

Tuesday 30th January 2018 Lords Chamber

[Lord Selsdon (Con)]

My Lords, I find myself in a very difficult position. I have been in your Lordships’ House for 56 years and I have never found such an impressive audience at this time of the evening. I am therefore wondering why I am here, and what I might be able to do to help. I was asked to say something on the financing of trade as we need to develop it across the world. I was, for quite a while, chairman of the British Exporters Association. Most of my life has been the financing of trade, usually against good orders. As we sit here tonight, with Britain in Europe at the moment, 37% of service exports and 48% of goods exports go from here to the continent of Europe. That is more than I thought, and £380 billion UK imports are from Europe, compared with only £243 billion from the rest of the world. Some 2.9 million EU citizens live in the UK, 1.2 million UK nationals live in the EU and 40% of foreign direct investment comes from the EU.

So what is our duty as Britain in Europe? What can our Government do to help? We know that through the financial institutions and through our export associations, the finance is normally available for all worthwhile projects. We know too that, for the first time in many years, the relationship between the departments of trade and industry and other departments is pretty good. One can pick up the phone, ring and, instead of being passed to someone else, get instant help. What can we do at this time?

We have people worrying about the continent of Europe and what will happen. Yet we have a significant position within all aspects of trade. Money is only a commodity these days—it is a method of communication. This is the first time in my banking years that I find when you pick up the phone and ask if someone might be interested in something, the voice at the other end of the phone jumps down the line and says, “Yes, I would be”. In financing the development of trade and overseas investment, there appears to be no shortage of money. There is no difficulty in currency and, although to some extent in the past, language created problems, it seems that the spread of the English language on the telephone is greater than it is in real life; you get a wonderful response.

I feel confident that we are in a strong position. The questions are: who is in charge and what are we trying to do? I am not sure who is in charge at the moment. This place in the evening, when you have 700 or 800 people, is quite an interesting environment in which to get tired. I do not think the Government or Parliament can do much more to help. If anyone has any ideas, I would like to open up your Lordships’ House for a debate on a particular subject with questions that noble Lords might like to pose. I could certainly arrange for them to be answered. That is probably the best contribution I can make, other than to give you an order for anything for which you would like an order.