Oral Answers to Questions

Debate between Shabana Mahmood and Lord Hammond of Runnymede

Tuesday 25th October 2016 Commons Chamber

[Shabana Mahmood (Birmingham, Ladywood) (Lab)]

11. What assessment his Department has made of the potential effect on the economy of the UK no longer having access to the single market.

[The Chancellor of the Exchequer (Mr Philip Hammond)]

The UK will leave the European Union and will introduce control of migration between Britain and the EU. Working with officials across Government, the Treasury continues to undertake a range of analyses to inform the UK’s position for the upcoming negotiations and we have made it clear, I am afraid, that we are not going to provide a running commentary, but we do want the best outcome for the UK and that means pursuing a bespoke arrangement that will allow our companies maximum access to the European market.

[Shabana Mahmood]

The Chancellor’s predecessor had many a failed target and plan, one of which was a target of £1 trillion in exports by 2020, a target that is nowhere near being reached even with full access to, and membership of, the single market. Meanwhile other countries such as Germany currently export more than we do to China and other growth markets. Does the Chancellor agree that the failure of the Government to improve the UK’s export performance has left us unable to take full advantage of opportunities outside the EU and more vulnerable to—