Financial Crisis

Part of the debate – in the House of Commons at 3:36 pm on 20 January 2009.

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Photo of Stephen Timms Stephen Timms Financial Secretary (HM Treasury) (also in the Department for Business, Innovation and Skills) 3:36, 20 January 2009

I do not agree at all, and I do not believe that the great majority of UK businesses would either. The European Union accounts for a very large proportion of our trade, and the fact that the single market is in place has been greatly to our assistance. It is one of the reasons why in the past few years we have attracted such an enormous amount of foreign direct investment—more than any country in the world other than the United States. The single market has been an important element in that success.