Oral Answers to Questions
Debate between Peter Bone and Greg Hands(7 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Minister for Trade and Investment (Greg Hands)
The United States is our single largest export market, accounting for £100 billion-worth of UK exports. As the Prime Minister said, the UK and US are, and will remain, strong and close partners on trade, security and defence. We cannot negotiate and conclude trade deals while we are a member of the EU, but we can discuss our current and future trading relationships. The Secretary of State for International Trade, Lord Price and I have all visited the US since taking office. We look forward to working with President-elect Donald Trump to ensure the continuing prosperity of our nations.
Mr Bone
The excellent Minister is quite correct that the USA is our biggest single export market, although we have no trade deal with it. However, the current President said that we would at the “back of the queue” when it comes to a trade deal. In the discussions that the Minister will have in the US, does he think that President-elect Trump will put us at the back or the front of the line?
Greg Hands
My hon. Friend is right to stress the importance of the bilateral trading relationship and the investment relationship. Every day, 1 million Britons go to work for American companies here and 1 million Americans go to work for British companies in the United States. Not only are our exports to the US very strong, but they grew by 19% in the most recent year for which data are available. Of course we look forward to developing a stronger and more open trading relationship with the new President and the new Congress.
Oral Answers to Questions
Debate between Peter Bone and Greg Hands(8 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Hands
The Government remain committed to the Barnett formula and to delivering all aspects of the Smith agreement during the fiscal framework, and in the Scotland Bill that is currently before this House.
Mr Peter Bone (Wellingborough) (Con)
Will the excellent Minister think again on that answer, because my constituents have £2,000 less per person on public expenditure than constituents in Scotland and we pay the same taxes? How can that be fair?
Greg Hands
It is worth noting that the Barnett formula will continue, but diminish in importance. For the first time, more than half the Scottish Government’s budget will come from Scottish taxpayers rather than a grant from the UK Government. That will add extra accountability to the Scottish Government.