L

Lord Livermore (Lab)

Speaking in the House of Lords on 25 February 2025

Debate

UK Border Strategy: Single Trade Window

Contribution

I am grateful to the noble Lord for his question, but let us remember what the costs are that we are trying to reduce here: they are from the previous Government’s ill-conceived Brexit deal, which imposed new trade barriers on businesses equivalent to a 13% increase in tariffs for manufacturing and 20% in tariffs for services. As a result, the Office for Budget Responsibility found that GDP will be 4% lower and overall trade intensity will be 15% lower than had the UK remained in the European Union. Of course, we want to try to ameliorate the difficulties of the previous Government’s disastrous Brexit deal, but it will take time to ensure that the fiscal resources are there. As I say, it remains our long-term intention to deliver that single trade window, but we can do so only when resources allow.

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