Extract from Lords debate on Brexit: Trade in Goods (EUC Report) - July 18
Wednesday, 19 July 2017 07:21
Lord Stirrup (CB):...The report points out that, although the UK
economy is dominated by the services sector, goods continue to
represent the largest share of our trade, amounting to some 56% of
the total in 2015, with nearly half of our exports going to EU
countries. Furthermore, goods and services are frequently bundled,
and, as the noble Lord, Lord Howell of Guildford, so eloquently
explained, it is often difficult to separate the two in trading
terms. But far from diminishing the...Request free trial
(CB):...The report
points out that, although the UK economy is dominated by the
services sector, goods continue to represent the largest share of
our trade, amounting to some 56% of the total in 2015, with nearly
half of our exports going to EU countries. Furthermore, goods and
services are frequently bundled, and, as the noble Lord, , so eloquently
explained, it is often difficult to separate the two in trading
terms. But far from diminishing the importance of goods, this
overlap with services increases it. Rolls-Royce makes much of its profit from
servicing, not making, jet engines, but it would not service them
if it did not make them. So this issue is crucial to our future
prosperity and we need to treat it as such; we cannot afford to
approach it with insouciant overconfidence...
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