Middle East: Economic Update

Lord Redwood Excerpts

Tuesday 28th April 2026 Lords Chamber

[Lord Livermore (Lab)]

I do not have a crystal ball and I cannot look ahead to everything the Government will be doing, but I can tell the noble Lord, as I said to his noble friend, that we are reforming the welfare system.

[Lord Redwood (Con)]

In Washington, the Chancellor pledged to avoid unnecessary trade restrictions. Can we look forward to the Government cancelling the bad idea of introducing a large carbon border tax or tariff, which would be a penalty on British consumers and a further boost to costs, making British industry less competitive?

[Lord Livermore (Lab)]

No, and I disagree with the noble Lord, as I am sure I do on many issues. He talks about trade restrictions. He obviously championed a Brexit which put up massive trade restrictions with our nearest trading partners—

[Lord Redwood (Con)]

Tariff free!

[Lord Livermore (Lab)]

It was estimated at the time to be costing us some 4%, subsequently estimated to be 8%, of GDP, so he has put up massive tariff barriers with our biggest partner, which is not something that is in favour of free trade. He talks about it being tariff free, but he knows that the trade barriers in place are equivalent to some 20% in terms of tariff.