Oral Answers to Questions

Debate between Hugh Gaffney and Graham Stuart

Thursday 14th March 2019 Commons Chamber

[The Parliamentary Under-Secretary of State for International Trade (Graham Stuart)]

I thank my hon. Friend for his question. He is right; the world’s largest sovereign wealth fund has said that it will continue its investment here. The latest figures from the United Nations Conference on Trade and Development show that the UK strengthened its position last year as the No. 1 foreign direct investment destination in Europe. The hundreds of thousands of jobs and higher wages that result would be threatened by the Labour party if it got the chance to jack up corporation tax rates and put in place other business-unfriendly policies. That would reverse the investment that has brought so much good to this country since Labour left in 2010.

[Hugh Gaffney (Coatbridge, Chryston and Bellshill) (Lab)]

T3. UK food businesses such as Devro plc in my constituency benefit from free trade with the EU and its free trade agreements with third countries. Can the Secretary of State confirm how long it will take his Department to negotiate new agreements with these third countries, and will they be on the same terms as those we currently enjoy through our EU membership?