Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of regulatory divergence from the EU on (a) foreign direct investment into Wales, (b) the Welsh manufacturing sector, (c) the Welsh food and beverages industry, (d) Holyhead port, (e) Fishguard port and (c) other Welsh ports.

We are leaving the EU, the Single Market, and the Customs Union, and seeking an ambitious, Canada-style free trade agreement. This entails change, but we will be a sovereign and independent country not a rule taker. We will maintain high standards – not because we are told to but because it is what the British people expect.

We will be driven by British interests and will listen to British business in making any decisions. But over 90% of global growth is expected to come from outside the EU over the next decade, so there are real opportunities for the UK. That will require a hard-headed assessment of what we want our economy to look like and what we need to do to deliver it.

We will give due consideration to the impacts of the final deal on all our regions and nations.

The government will continue publishing Impact Assessments to accompany legislation, where appropriate.

We will also set up a Red Tape Challenge to use our new freedom after Brexit to ensure that British rules work for British companies, and to listen to business’s ideas for regulatory reform.