European Union

Robert Walter Excerpts

Tuesday 13th December 2011 Commons Chamber

[Mr Lidington]

The hon. Gentleman has had a chance, and I want to make some progress.

The stock of inward foreign direct investment in the UK from the EU has risen by 800% in less than 10 years, and our membership of the EU single market helps to attract the other half of our FDI, from non-EU investors, who see the UK as a platform from which to break into European trade and access the wider single market.

[Mr Robert Walter (North Dorset) (Con)]

Will the Minister confirm to the House that Norway also has access to the single market, as a member of the European economic area, and in return has a better record in implementing EU directives, in which it has no say, than we do?

[Mr Lidington]

My hon. Friend makes the point well. Countries in the European economic area have to comply with EU regulations and implement them fully if they are to have the single market access that we enjoy by virtue of our membership. If we were in a comparable position, British business would have to meet the costs of compliance with whatever regulatory standards the UK decided to impose, in addition to the costs of meeting the differing standards of the remaining EU bloc or any of the other European countries with which they wished to trade.