Oral Answers to Questions

Nigel Huddleston Excerpts

Thursday 15th December 2022 Commons Chamber

[Sir Desmond Swayne (New Forest West) (Con)]

2. What steps her Department is taking to increase trade opportunities for the financial services sector.

[The Parliamentary Under-Secretary of State for International Trade (Nigel Huddleston)]

The Department for International Trade is absolutely committed to increasing trade opportunities for the UK financial services sector. Through our network of in-market sector specialists located in Europe, India, Singapore and beyond, the Department is identifying and removing market access barriers and supporting companies to export their services to the world. Working with organisations such as the City of London, the Investment Association and others, we are promoting the UK’s world-class financial services overseas. We are also championing financial services through our free trade agreements.

[Sir Desmond Swayne]

Has the Minister a programme of support for fintech and start-ups in that sector?

[Nigel Huddleston]

I thank my right hon. Friend for raising that sector, which is hugely important to the UK economy and a major export generator. Our export strategy, which we published last year, outlines the Government support available for British exporters, including the financial services sector. The strategy updates the Department’s support for services firms and helps to give businesses and financial tech innovators the flexibility and resilience to thrive and trade globally. As well as providing large amounts of online support and information, including webinars, the Department provides tailored support services—for example, through trade advisers—from which firms of all sizes can benefit.

[Clive Efford (Eltham) (Lab)]

If we are to increase trade opportunities for the financial services sector, does the Minister agree that we must deal with the prevalence of money laundering for Russian kleptocrats, which has earned London the nickname “Londongrad”? Does he believe that we need to ensure that we can tackle such illegal activity in the City?

[Nigel Huddleston]

The hon. Gentleman makes an important point and, of course, that is exactly what we are doing. The Government are very aware of the issues and, with the support of the whole House, have taken robust action on sanctions against Russia, and will continue to do so.

[Charlotte Nichols (Warrington North) (Lab)]

3. What steps she is taking to increase trade with Japan.

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[Gerald Jones (Merthyr Tydfil and Rhymney) (Lab)]

9. What progress she has made on the commencement of the UK-Australia free trade agreement.

[The Parliamentary Under-Secretary of State for International Trade (Nigel Huddleston)]

The UK-Australia free trade agreement is expected to unlock more than £10 billion pounds of additional bilateral trade. We are working at pace to implement it, so that businesses can benefit from it as soon as possible. The Trade (Australia and New Zealand) Bill is making its passage through Parliament. It passed Report and Third Reading on Monday, and was introduced into the House of Lords on 13 December. The Government and the devolved Administrations are working together to progress the required statutory instruments to implement the agreement. We expect the free trade agreement to come into force in spring 2023.

[Gerald Jones]

The UK-Australia trade deal has been beset by difficulties and major delays to its passage through this House, and even the previous Secretary of State, the right hon. Member for Camborne and Redruth (George Eustice), no longer has to put a “positive gloss” on what was agreed. I, too, have serious concerns about the impact of the deal on Welsh and UK farmers. Will the Minister explain the delay behind the scenes? What discussions have been had with business managers about the delays to the Bill’s passage through the House, and will he give us some clarity?

[Nigel Huddleston]

I would like to correct the hon. Gentleman. We are progressing at pace, and we are having conversations with the devolved Administrations—indeed, I had conversations with Ministers from Wales and Scotland recently. Overall, enthusiasm for the deals is considerable right across the UK. Let us not forget that they will boost the economy, to the tune of £2.3 billion for the Australia deal and more than £800 million for the New Zealand deal. That will bring huge benefits right across the country, and all nations of the UK will benefit from a 53% and 59% boost to bilateral trade through the Australia and New Zealand deals respectively. We all want to move at pace, and we are having constructive conversations with the devolved Administrations.

[Mr Speaker]

I call the shadow Minister.

[Gareth Thomas (Harrow West) (Lab/Co-op)]

The UK- Australia free trade agreement is, so the House has been told, a stepping stone to accession to the comprehensive and progressive agreement for trans-Pacific partnership. As we saw on Monday, it is not clear that Ministers have learned the lessons from the rushed negotiations on the Australia deal, and there is real concern that the existing rules of the CPTPP will be largely forced on Britain. I am sure the Minister will not want Britain to be a rule taker, so can he assure us that we will not be subject to any new secret courts through the investor-state dispute settlement?

[Nigel Huddleston]

The hon. Gentleman will be aware that discussions with the CPTPP are ongoing, and we are confident that we will strike a mutually beneficial and extremely good deal. I advise him to watch this space.

[Liz Twist (Blaydon) (Lab)]

11. What assessment she has made of the effectiveness of measures taken by the Trade Remedies Authority to help protect the aluminium extrusion industry.

[The Parliamentary Under-Secretary of State for International Trade (Nigel Huddleston)]

The UK trade remedies framework has been established to ensure that the Trade Remedies Authority has full independence when investigating unfair trading practices. As is the case with aluminium extrusions, the TRA provides thorough, objective and expert advice to Ministers based on evidence collected during the course of an investigation. The reasons for the TRA’s recommendation will be published alongside the ministerial decision to accept or reject the recommendation in its entirety.

[Liz Twist]

Over the past year I have been asking about the impact of the Trade Remedies Authority’s determination on this issue, and I now hear that the final determination is due to be published in days. There are real concerns that the proposed tariffs will do nothing to support our domestic aluminium extrusion producers, such as Hydro in my constituency, and producers in the constituencies of other MPs. What support will the Minister give to our domestic aluminium extrusion producers, should their fears about the dumping of aluminium extrusion prove correct? Will he meet me to discuss the situation?

[Nigel Huddleston]

The hon. Lady is correct. She will be aware that the recommendations are due to be published soon; she will understand that I cannot pre-empt today the conclusions of the investigation. As I have said, the TRA is independent and it reviews evidence very carefully indeed. On the hon. Lady’s other question, I would be delighted to meet her to discuss the matter further.

[Gareth Bacon (Orpington) (Con)]

T1. If she will make a statement on her departmental responsibilities.

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[Wayne David (Caerphilly) (Lab)]

Will the Government accept that if the anti-dumping duties placed on Chinese imported aluminium extrusions are too low, the result could be the loss of thousands upon thousands of British jobs?

[The Parliamentary Under-Secretary of State for International Trade (Nigel Huddleston)]

As I said a few moments ago, a report will be coming out very soon, and we will be able to comment further at that point. We have had many representations, and the Trade Remedies Authority has worked very carefully on these issues.

[Martin Vickers (Cleethorpes) (Con)]

T5. The UK has a highly developed renewable energy sector, which includes many businesses based in my constituency. Across the world there are many countries eager to remove fossil fuel generation. Can the Minister give an assurance that the Department will do more to encourage our renewable energy sector to get more into the export market?