Commons Sense

UK-Canada trade talks were formally suspended last Friday.

This marks the latest of in a series of Tory failures on trade, leaving businesses here in Slough facing increased red tape and tariffs.

In fact, their failure to extend our present agreement means that the UK's trading terms with Canada are now worse than when we were part of the EU, which will increase the costs for many businesses seeking to export across the Atlantic.

Elsewhere, there are other substantial concerns regarding the Government’s approach to trade.

George Eustice, Conservative MP and former Cabinet Minister, has been heavily critical of the UK-Australia trade deal for benefitting their businesses more than our own.

With respect to the UK-Japan deal, the Government’s own analysis projects Japanese exporters to benefit four times more than British businesses.

On top of this, while Europe remains our biggest and nearest export market, the

Tories’ poorly negotiated deal with the EU has again resulted in extra bureaucracy and higher costs for UK exporters and importers.

Labour is clear that we should not now open up old debates of the Brexit referendum, including customs union and the single market.

Instead we will make Brexit work by renegotiating our deal with the EU, which is now due for renewal, and make it better by extending to cover veterinary trade.

As I mentioned from the despatch box in Parliament, as Shadow Business &

Trade Minister, even the benefits of the Government’s flagship trans-Pacific CPTPP deal don’t stand up to scrutiny.

According to the Government’s most optimistic figures, it will only boost economic growth in the UK by 0.08 per cent over the next decade – a 50th of the projected loss caused by the Government’s poor Brexit deal.

Once again, businesses in Slough and beyond are made to endure poor terms and red tape in trade with our closest partners, while the losses they face are compensated for by relatively meagre benefits from more distant partners.

Failure to deliver on Conservative manifesto commitments, such as trade agreements with the US and India, underscores the need for a realistic evaluation of the CPTPP's actual benefits and the Government’s overall trade strategy.

The Tories promised to cover 80 per cent of our pre-Brexit trade with new agreements; as of today they have only managed 60 per cent.

The next Labour government will put supporting British businesses in overseas trade at the heart of our industrial strategy, breaking down the barriers they face, while delivering growth and prosperity.