Cookies: We use cookies to give you the best possible experience on our site. By continuing to use the site you agree to our use of cookies. Find out more
House of Commons Hansard
x
UK Service Exports: European Single Market
07 February 2019
Volume 654
The edit just sent has not been saved. The following error was returned:
This content has already been edited and is awaiting review.

6. What recent estimate he has made of the value of the European single market to UK service exports. [909090]

The edit just sent has not been saved. The following error was returned:
This content has already been edited and is awaiting review.

In 2017, 46.8% of UK services exports went to the European single market—including the European economic area and Switzerland—worth around £130.5 billion. That represents around 21% of total UK exports. Leaving the EU gives us the freedom to pursue an independent trade policy with countries around the world that reflects our unique strengths in services.

The edit just sent has not been saved. The following error was returned:
This content has already been edited and is awaiting review.

I thank the Secretary of State for his response, but last week the Office for National Statistics published the international trade and services statistics for 2017, which showed that financial services proved to be the largest service product exported globally by UK businesses and that the EU made up nearly half the UK’s service exports. A key part of business relationships with clients in the EU is the ability to travel freely, known as passporting rights. Has the Secretary of State made an assessment of what the end of freedom of movement, including for labour, will mean for services under the Prime Minister’s deal?

The edit just sent has not been saved. The following error was returned:
This content has already been edited and is awaiting review.

Actually, the share of our exports to the European Union accounted for by services is less than our average exported to the rest of the world. In fact, the future of our services will be dependent on global services arrangements, and outside the EU we will have a golden opportunity to shape the global services agenda in a way that suits the United Kingdom’s best interests. It is time that we in this House started to reflect the optimism and confidence of the British public who voted to leave the EU.