Neil Carmichael
Main Page: Neil Carmichael (Conservative - Stroud)Department Debates - View all Neil Carmichael's debates with the Wales Office
(8 years, 5 months ago)
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Neil Carmichael (Stroud) (Con)
4. What assessment he has made of the economic value to Wales of the single market.
The Secretary of State for Wales (Stephen Crabb)
The single market offers enormous opportunities for Welsh business, accounting for 42% of Welsh exports. However, exports to non-EU countries account for 58% of our total exports and are worth more than £7 billion to the Welsh economy. That is why we are seeking EU reform to go further and faster on economic competitiveness, trade and deregulation, which will strengthen Welsh exports.
Neil Carmichael
Does the Secretary of State agree that the success of Airbus in Wales and in the south-west, which has connections to my constituency, demonstrates the value of the single market, and that reforming it further to include the digital economy and energy will give those important sectors even more capacity to expand and grow?
Stephen Crabb
My hon. Friend makes an important point, not least about the importance of investing in technology. If we are to drive up prosperity in Wales, we need more growth in higher technology. This afternoon, I am proud to be helping to launch a new compound semiconductor centre for IQE and Cardiff University. That is emblematic of the changes in the Welsh economy.