Oral Answers to Questions

Stewart Hosie Excerpts

Thursday 20th December 2018 Commons Chamber

[Dr Fox]

Self-evidently.

[Stewart Hosie (Dundee East) (SNP)]

Last year, the National Institute of Economic and Social Research told us that leaving the single market would result in a loss of trade of between 22% and 30%, depending on the nature of the Brexit. It also told us that concluding deals with the BRIC countries and the main English-speaking economies would result in an increase in trade of 2% and less than 3% respectively. So although I wish the Secretary of State well in his future negotiations, is it not time to concede that there is no number of new free trade agreements or trade deals he can strike that can possibly compensate for the loss of trade with the European Union?

[Dr Fox]

First, it depends on our level of access to the European market. That is why the Government have put forward proposals to maximise our access to a European trade area. However, it also depends on growth in other markets and, as the International Monetary Fund has said, in the next five years 90% of global growth will be outside continental Europe. That is where the opportunities will be, and that is where Britain needs to be, too.