Philip Hollobone
Main Page: Philip Hollobone (Conservative - Kettering)Department Debates - View all Philip Hollobone's debates with the Department for Education
(11 years, 5 months ago)
Commons ChamberWe are being extremely energetic in promoting that agenda. It is certainly true, as the Office for Budget Responsibility has made clear, that the slow-down in the British economy was primarily due to the failure in net exports. In our major export markets, zero or negative growth has been a significant factor. As I said in my first answer, we have very rapid growth in exports to some of the big emerging markets. A lot of that is due to the supportive efforts that are being made not only by British business but by Ministers, including me.
Is it not a serious source of concern that while we have a £20 billion trade surplus with the rest of the world, we have a £48 billion trade deficit with the European Union?
Yes, it is a source of concern. We now have the benefits of a much more competitive exchange rate, and given the efforts that we are making to promote British exports and import competing industries, I would expect that deficit to narrow.