(7 years, 8 months ago)
Commons ChamberThe hon. Gentleman raises an extremely important point that is at the forefront of the Government’s mind—in fact, the Prime Minister has discussed this very issue with the Taoiseach. Indeed, all the Ministers in the DEXEU team have had similar discussions, and I have had very recent discussions with representatives of the Irish Government too.
The UK manufacturing sector is world leading, and we are determined to secure the best deal for it which enables it to go from strength to strength. We are aiming to agree a bold and ambitious free trade agreement with the EU, including zero tariffs, that is more ambitious than any other trade deal agreed with the EU to date.
In North Tyneside, Smulders, a Belgian company, has filled a void in the manufacturing market left when this Government failed to back OGN. The company hopes to create up to 400 new jobs and expand even further. What guarantees can the Minister give that will allow it the same benefits it currently gets with access to the single market and customs union after Brexit?
I had a discussion just this week with the Flanders chamber of commerce, and it recognised the important issue of bilateral trade between Belgium and the UK. I am pleased to say that it fully realised the need for frictionless agreements once we leave the EU, and of course this Government are committed to that.
I think, frankly, the whole economics profession is beginning to take a lesson in predictions about the effects of Brexit. My hon. Friend is right. There has been a dramatic uptick in the current year’s growth, and in the forecasts for ’19, ’20 and ’21, as it turns out. The simple point is that many companies are coming here now, such as McDonald’s, WhatsApp, Google—I could go through a whole list—[Interruption.] I will not do that, Mr Speaker. Those companies are showing what they believe by voting with their feet.
These concerns have been met pre-Brexit by the Treasury underwriting the commitments up to and through Brexit. Of course, the hon. Lady has to remember that the European Union will have a complete budgetary review in 2020. We will be giving clear attention to priorities such as this when we come to write our own budgets after 2019.