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Net Trade

Volume 590: debated on Thursday 8 January 2015

I am grateful for the Minister’s answer, but last month the Office for National Statistics said that exports had remained largely flat for the past four years, and the Office for Budget Responsibility and the British Chambers of Commerce both downgraded their forecasts for net trade this year, so can he confirm that with this failure on economic rebalancing, his targets for Britain to double our exports to £1 trillion by 2020 and to get 100,000 more firms exporting from Britain will be missed?

It is a pity to hear the Opposition setting their face against the desire to double exports to £1 trillion. Of course, the eurozone on our border is in deflation and has had a series of recessions over the past four and a half years. Over the past three months our trade deficit has narrowed, so things are improving. This is undoubtedly hard work, but it is hard work that we will pursue.