Oral Answers to Questions

Stephen Hammond Excerpts

Thursday 17th May 2018 Commons Chamber

[Dr Fox]

We regularly ask our investors why they put money in the UK and the answers are very similar. They say that the British legal system provides certainty and predictability. We have a skilled workforce. We have a good, predictable regulatory system and a low-taxation economy. We speak English. We have some of the best universities and some of the best access to tech, and we are in a good time zone for global trading. None of those, incidentally, depends on our membership of the European Union.

[Stephen Hammond (Wimbledon) (Con)]

6. What assessment he has made of the potential benefits to the UK arising from third-country trade deals after the UK leaves the EU.

[The Minister for Trade Policy (Greg Hands)]

Leaving the EU means, for the first time in over 40 years, we will from next March be able to sign and ratify new trade deals. We are currently party to about 40 international trade agreements and are committed to securing continuity of those agreements. We have also established 14 trade working groups in major markets to explore the best ways of developing new trade and investment relationships post Brexit.

[Stephen Hammond]

I thank my right hon. Friend for that answer. He will know, as I do, that international regulatory standards are what fuel international trade. For the continuation of those deals and opportunities, does he agree that regulatory alignment will be necessary to secure the best British deals post Brexit?

[Greg Hands]

As my hon. Friend will know, we have some good news for him about the implementation period. The UK will be party to those deals up to the end of December 2020. He is also right that there is a very important read-across between what is agreed with the EU on standards, rules of origin and so on. Our commitment remains absolute to have high standards and to encourage the use of broad international global standards of the highest quality.