G7

Tom Brake Excerpts

Monday 11th June 2018 Commons Chamber

[The Prime Minister]

I have already raised with European partners whether the European Council in June should look not just to the question of the sanctions in relation to the Crimea and Minsk agreements, but also to whether we should look further. Indeed, there are some issues that have arisen in relation to Crimea where I think that we should be looking at whether some further sanctions are required.

[Tom Brake (Carshalton and Wallington) (LD)]

The Government’s own impact assessments confirm that even the biggest and boldest trade deal with the US would add between only 0.1% and 0.3% of gross value added to our economy. Have these figures been revisited since the G7 and the imposition of tariffs? How far now do the Government believe that a free trade deal with the US would go towards offsetting the between 2% and 8% loss of GVA associated with any of the likely relationships that we might have with the EU in future?

[The Prime Minister]

We are intending to negotiate. We have started talking about and negotiating a trade deal with the European Union that is good for us here in the UK—I think that it will also be good for the European Union—and ensures that we are able to continue to trade well with the European Union. We do not talk about a trade deal with America or any other country around the world replacing an ability to trade on a good basis with the European Union. It is in addition to being able to trade on a good basis with the European Union.