Oral Answers to Questions

Tony Baldry Excerpts

Tuesday 4th December 2012 Commons Chamber

[Mr Lidington]

Our colleagues in the EU fully accept that we have taken a sovereign decision, which I thought was supported on both sides of the House, to stay out of the euro. It therefore follows that we do not take part in certain arrangements. However, I also find that my European counterparts are eager to work closely with us on measures to develop free trade further; to strengthen the single market—for example, to cover the digital economy, transport and energy—and to find ways to cut the cost and complexity of regulation, which applies to all European businesses.

[Sir Tony Baldry (Banbury) (Con)]

There appear to be a number of siren voices now starting to question the value of the single market to the United Kingdom. Will the Foreign and Commonwealth Office, together with the Treasury and the Department for Business, Innovation and Skills, do some detailed work to set out the exact value to the UK of our being part of the single market, and put that work in the Library?

[Mr Lidington]

A lot of this type of information is likely to emerge from submissions by businesses and their representative organisations to the balance of competences review which is now under way. To take one example, British car manufacturers would probably face tariffs of just under £1 billion a year were we to be outside the single market and paying the 10% tariff to export to the EU. Membership of the single market directly sustains jobs and prosperity in places such as Swindon, Solihull and Washington New Town.