Commons Sense

House of Commons · Ministers' Questions

UKUS Trade Agreement: Thames Valley

Thursday 5 March 2020 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 1 Not answered 0

Key points

  • The potential economic benefits to the Thames valley from a US free trade agreement could amount to 622 million in the long run.
  • The Minister praised Greg Smith for his representation of Buckingham and highlighted the importance of the Silverstone technology cluster to high-tech businesses.
  • Chi Onwurah questioned the government's stance on a US trade deal, suggesting it could damage the north-east economy more than a no-deal Brexit.

Topics (select to filter)

Questions & Answers

Q1 Greg Smith Con Mid Buckinghamshire
Economy Business & Trade
Context

The MP is concerned about the potential economic impact on his constituency from a US free trade agreement.

Question

What assessment has been made of the potential economic benefits to the Thames valley of a trade agreement with the US?

Answer from Greg Hands

An ambitious United States free trade agreement could boost the economy in the south-east, including the Thames valley, by £622 million in the long run, supporting the growth of key local industries such as professional business services, and automotive and digital businesses. The FTA presents a golden opportunity for the region, which has a thriving trade with America, with the equivalent of £14,000 of goods exported to the US every minute.

Answered
Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email
Q2 Greg Smith Con Mid Buckinghamshire
Business & Trade
Context

The MP is interested in the specific support provided to high- tech businesses located in Silverstone Park.

Question

Can my right hon. Friend outline the steps he is taking to ensure that we are supporting high-tech businesses at places such as Silverstone Park to grow, prosper and bring global solutions in areas such as low-carbon transport, and that they are at the forefront of our negotiations for a free trade deal with the United States?

Answer from Greg Hands

May I start by congratulating my hon. Friend yet again on being a brilliant new representative for the Buckingham constituency? The Silverstone technology cluster includes excellent tech and start-up companies such as Advanced Automotive Technologies, Altair Engineering, room44 e-bikes and many more. Those are exactly the kind of companies that we want to see exporting more to the USA and to benefit from fewer hurdles to trade. That is why both sides want an SME chapter in the trade deal.

Answered
Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email
Q3 Chi Onwurah Lab Newcastle upon Tyne Central and West
Brexit Business & Trade
Context

The MP is concerned about the negative economic impact a US trade agreement could have on the north-east.

Question

The Government's own figures show that a US trade deal could raise the north-east's economy by a maximum of 0.4% a year and that a no-deal Brexit will cut the north-east's economy by up to 10%. Is this the Government's idea of levelling up—to destroy thousands of jobs in the north-east?

Answer from Greg Hands

The hon. Member does not do this question justice. Our objective, of course, is to have both a very good free trade deal with the European Union and a new trade deal with the United States of America, which would have the potential to raise the gross value added of the north-eastern region by some £170 million. She should join us, work with us and ensure that the benefits of these deals can be heard by all her constituents across the region.

Partly answered

Not addressed: The specific question about job destruction was not directly addressed, focusing instead on overall economic benefits.

How: She Should Join Us, Work With Us

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email