Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the UK’s fiscal resilience in the context of trade liberalisation with Indo-Pacific partners.

The Treasury does not produce official economic and fiscal forecasts. The independent Office for Budget Responsibility is responsible for producing forecasts of the UK economy.

Growth is the central mission of the government and can support the stability of the public finances. Free Trade Agreements (FTAs) can help to deliver growth, by reducing the costs of trade between partner countries and driving a more efficient allocation of resources within sectors, as well as wide range of other macroeconomic gains.

The UK recently agreed a comprehensive FTA with India and acceded to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024. The UK also has FTAs with Australia and New Zealand. As the Business and Trade Secretary announced in a Written Ministerial Statement in July 2024, the government intends to agree a deal with the Republic of Korea as part of its FTA negotiations programme.