Lord Hunt of Wirral
Main Page: Lord Hunt of Wirral (Conservative - Life peer)Department Debates - View all Lord Hunt of Wirral's debates with the Department for Business and Trade
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Lord Stockwood (Lab)
At the moment, these are bilateral conversations. We are acting in good faith and hope that they will come to a successful resolution.
Lord Hunt of Wirral (Con)
My Lords, the Government are trying to reassure the nation that they do not expect the ruling to affect the majority of trade under the economic prosperity deal, but as the noble Lord, Lord Fox, pointed out, there is huge uncertainty. Can the Minister clarify precisely what proportion of UK exports to the United States that represents and which sectors now fall outside that protection?
Lord Stockwood (Lab)
The confidence that I am trying to relay is not unfounded. As we saw from last week’s announcements, part of the macroeconomic situation that we are trying to turn around has seen inflation fall and the largest recorded government surplus since the 1990s. That is the overall message that we are trying to relay. In terms of specific industries, the negotiations are ongoing. I do not have the specific numbers to hand, but I remind the House that, globally, we have the most preferential deal with the rates that we have secured for industries, and we will continue to fight on behalf of British business.