Stephen Timms
Main Page: Stephen Timms (Labour - East Ham)Department Debates - View all Stephen Timms's debates with the HM Treasury
(2 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
John Glen
My hon. Friend always makes constructive suggestions. He will be aware of the interventions that have already been made, including the cut on VAT on energy efficiency measures, equivalent to £240 million, as well as the £6.7 billion of investment across this Parliament in energy efficiency measures. None the less, he makes a reasonable point and I am very happy to follow it up with him and discuss it further as we construct that set of interventions in the autumn.
Sir Stephen Timms (East Ham) (Lab)
It is, I think, clear that, as anticipated, we are starting to see an economic penalty from the new barriers to our trade with the European Union. Does the Minister agree that we need to work hard to improve relations with the EU with a view to reducing some of the barriers that are causing problems for us?
John Glen
Absolutely. We must always, with all our trading partners, seek to develop the best possible relationships. That has been my objective in conversations that I have had on visits to Berlin, Luxembourg, Madrid and the US over the past six months on financial services and as regards the work that the right hon. Gentleman is undertaking as we advance the conversation with the Swiss on the mutual recognition agreement. I was there last week to build on that. It is absolutely right that we build those trading relationships in goods and services across the globe in markets that are mature and in those that are yet to develop fully.