Lord Pearson of Rannoch
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(7 years, 11 months ago)
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The Lord Privy Seal (Baroness Stowell of Beeston) (Con)
My Lords, I hesitate to intervene, but the House does seem to be calling for the noble Lord, Lord Pearson.
Lord Pearson of Rannoch
Do the Government accept that, according to their own Pink Book, we have had a growing trade deficit with the EU for the last five years totalling some £358 billion but a growing surplus with the rest of the world of £61 billion? Does not this also mean that the EU has many more jobs dependent on its free trade with us than we do on our free trade with it, which will therefore be in its interest to continue if we come to leave the European Union itself?
Lord O'Neill of Gatley
My Lords, the numbers that the noble Lord referred to in the Pink Book are broadly accurate but I do not share his interpretation of them. As shown in the timely piece from EY yesterday, the number of jobs being created by foreign direct investment in the UK is substantial.