(7 years, 2 months ago)
Commons ChamberMy hon. Friend is right. We are absolutely committed to a tariff and barrier-free relationship with the European Union in the future. It is worth remembering that the European Union exports twice as many cars to Britain as we export to the EU. It is in all our interests—it is in the interests of all the workers in the European Union—for us to achieve a successful and fruitful outcome.
Following the referendum and the subsequent depreciation of sterling, a number of car manufacturers in Britain have announced plans for further investment and an expansion of production. Nissan, in particular, says that it will expand production by 20% and invest more in the supply chain in Britain. Does that not augur well for Britain’s exports, and should we not start to look towards a time when we can export more than we import?
The hon. Gentleman is absolutely right. One of the characteristics of the UK car industry over the last few years is the fact that UK components of the supply chain now represent 42%, up from 38%. We have a great opportunity in the whole European Union automotive sector, and our Department is working incredibly hard to ensure that we take advantage of it.