Oral Answers to Questions
Debate between Michael Fabricant and George Hollingbery(5 years, 5 months ago)
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George Hollingbery
The hon. Gentleman will know that the Department for Business, Energy and Industrial Strategy has been very heavily involved with Ford at Bridgend; in the end this is a matter for the company itself, but I have no doubt that BEIS has had productive conversations with it. The DIT is, along with BEIS, investing very large amounts of money across Government in electrification and the automotive market of the future. That involves huge amounts put into research and development at universities, and we believe that will put the UK car industry in a very good position for the future.
Michael Fabricant (Lichfield) (Con)
Oral Answers to Questions
Debate between Michael Fabricant and George Hollingbery(5 years, 6 months ago)
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George Hollingbery
As I have said, we will consider each and every FTA on its own merits, and in certain circumstances we may find partners who are not prepared to put those sorts of clauses in an FTA. On balance, however, we will look at the advantage to exporters of low-carbon products, and ensure that as and when we proceed with those agreements—if we decide to do so—we facilitate the export of low-carbon products so that economies represented by Governments who do not wish to include an FTA clause on the environment can benefit from the transition that lower input costs produce. I have already made clear the Government’s position on publishing the output of UKEF. There will be an element of carbon-based energy generation in UKEF’s mix in the short term. The UK has huge and growing expertise that will no doubt come to the forefront of UKEF financing in due course, as that transition happens.
Michael Fabricant (Lichfield) (Con)
Oral Answers to Questions
Debate between Michael Fabricant and George Hollingbery(5 years, 7 months ago)
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The Minister for Trade Policy (George Hollingbery)
The Government support UK services businesses to access foreign markets in a number of ways, including through trade promotion and facilitation. For example, in March 2019, the DIT took a delegation of eight leading UK FinTech companies to exhibit at Money 20/20 in Singapore. The DIT also works with partners overseas to remove access barriers, opening up new opportunities for UK businesses.
Michael Fabricant
My hon. Friend will know that in this rather complex world environment, there is a confusion at times under WTO rules between goods and services. Once we leave the EU, get a clean break and regain our place at the WTO table, will he make it a priority to make clearer definitions of what are goods and what are services?
George Hollingbery
I thank my hon. Friend for his question. He is right; there are a great many complexities at the WTO. In fact, the world is sliding inexorably towards a future of increased protectionism without changes being agreed at the WTO to address all problems and to cope with new forms of trade that simply did not exist even 10 years ago and that create the confusion he identifies. As a newly independent voice, the UK will be a champion for change, openness and co-operation, because believe me, Mr Speaker, a failure to deal with the problems the WTO faces is not an outcome that anybody should want to contemplate.
EU Free Trade Agreements
Debate between Michael Fabricant and George Hollingbery(5 years, 11 months ago)
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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George Hollingbery
I am sorry that this is slightly like “Groundhog Day”, Mr Speaker, but I will repeat what I have said before. We are confident that we will roll over a majority of these agreements. We are working to try to ensure that they are all rolled over by exit day. There are clear indications that in some cases that is going to be challenging. Let me be absolutely clear: if I used the term, “shopping list”, and that was deemed in any way pejorative about any of these important deals, I wish to withdraw and rephrase it. It was simply shorthand for saying that there are a great many of them and they are all important to us. As I just said, EPAs are as important to us as the largest deals, simply because we understand that we have a role in the world in development and understand the importance of these deals to those countries. We also understand the number of jobs and businesses that rely on these preferences. That is another reason why we are so keen to get as many of the transition deals across as we can.
Michael Fabricant (Lichfield) (Con)
Shopping lists are actually quite important, as are people’s livelihoods. Is it not the case that these 40 roll-over countries represent just 12% of our trade? Can I tell the Minister that we are the biggest nation in Europe, and second in the world only to China and the United States, for investment, and we are the largest export market in the world for German cars and for French agriculture? Unlike remainers, who tend to be rather pessimistic sorts, I and most people are very optimistic about our future outside the European Union.
George Hollingbery
I thank my hon. Friend for his question. It is interesting to observe, and the House should understand, that a good proportion—I do not have the exact number in my head—of the 12% of trade that is represented by the countries with which the European Union has existing free trade deals is not carried out under preferences in any event because the particular lines in which they trade are not covered by the agreements, so the figure is actually quite a lot less. [Interruption.] The hon. Member for Huddersfield (Mr Sheerman) says from a sedentary position, “So it’s all just fine.” No, of course that is not the case. I have tried to make the point again and again that we regard this as extremely important.
On my hon. Friend’s reference to inward investment, Deloitte recently pointed out that the UK is the leading location in Europe for foreign direct investment. In the three years from 2015 to 2017, we enjoyed £140 billion-worth of direct investment from overseas—more than France, at £44 billion, and Germany, at £50 billion, combined.