Lord Tomlinson
Main Page: Lord Tomlinson (Labour - Life peer)
Lord Popat
My Lords, for the long-term economic health of the UK we need to develop further our economic relations with fast-growing, emerging markets, including India, which the noble Lord mentioned. This is why the Prime Minister has been leading trade missions to these countries. We are doing everything possible to support our trade with emerging markets, including India, but we are also supporting a large number of UK companies, through UKTI, to help them to internationalise and to do more trade with those emerging markets.
Lord Tomlinson
My Lords, are we not missing the main point in this Question? Europe largely has the euro, which has devalued by 30% against the pound sterling since it was created. Why, with that level of devaluation, have we not had the competitive advantage in our trade relationships with Europe? Should not the answer to this Question really be a critique of British industry and British commerce for not taking advantage of the competitive devaluation?