Oral Answers to Questions

Bambos Charalambous Excerpts

Thursday 13th September 2018 Commons Chamber

[Dr Fox]

My hon. Friend asks two questions, the second of which is about our relationship with the United States. In our working group, we have had specifically dedicated discussions about how we might help SMEs on both sides of the Atlantic to improve that trade. Of course, one of the key elements of that is UK Export Finance. I am very pleased to say that, in a real change from previous practice, last year around 78% of the contracts that UK Export Finance placed were with SMEs. That is a real change that makes a difference to real businesses.

[Bambos Charalambous (Enfield, Southgate) (Lab)]

T8. In 2016, according to Office for National Statistics figures, UK services exported to the EU and European Free Trade Association countries were worth £105.5 billion. What plans do the Government have to secure EU and EFTA export markets for UK services in the event of a no-deal Brexit?

[Dr Fox]

That is a very interesting question. Our services exports to the world’s most open market—the United States—comprise 65% of our exports. For non-EU countries, the figure is about 50%, and for the EU itself, it is only 38%. In the future, I would like to ensure that our services exporters are given the free access to European markets that they can currently take advantage of outside Europe.