Trade with the European Union

Viscount Waverley Excerpts

Monday 21st March 2022 Lords Chamber

[Lord Grimstone of Boscobel (Con)]

My Lords, perhaps it goes without saying that we are deeply concerned about the news from P&O Ferries. Ministers are speaking to the company to try to understand the impact on workers and passengers, and to do all we can to ameliorate it. Speaking personally, having formerly been a chairman of some of Britain’s largest companies, I would never have behaved in the way that P&O has.

[Viscount Waverley (CB)]

My Lords, I declare that I am co-chair of the all-party parliamentary group on trade and investment. Judging from the Minister’s previous response, do figures indicate that the UK has aligned its trade interests away from the EU, with businesses calling for a reset along the more advantageous terms that Norway enjoys, such as, for example, the British Chambers of Commerce underlining the impediment of requiring a fiscal representative based in the EU for VAT-related issues? Alongside trade sits investment. Could the Government outline their strategies to strengthen investment flows to and from the European Union specifically?

[Lord Grimstone of Boscobel (Con)]

My Lords, the noble Viscount includes a number of points in his question. As Minister for Investment, one of my top priorities is securing increased investment flows with Europe. On trade, I am pleased to say that he is right: over the past two years, there have been noticeable changes in UK trade. Of course, factors associated with the Covid pandemic, global recession and EU exit do not always make it easy to disentangle that, but I am confident that both trade and investment will increase in due course.