Surplus Target and Corporation Tax

Part of the debate – in the House of Commons at 4:27 pm on 4 July 2016.

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Photo of George Osborne George Osborne Chancellor of the Exchequer and First Secretary of State 4:27, 4 July 2016

We need to do two things. First, we need to determine our new trading relationship with our European partners; about half of our exports go to the European continent and, in my view, we should be pushing for the best possible terms of trade in goods and business services, including financial services. Secondly, we should be maximising our links with the rest of the world. We have a real opportunity with China. As my hon. Friend will know, I have been very involved in trying to strengthen the relationship with that big emerging economy in our world, but we should also look to our links with Japan, India, the United States and the Commonwealth, and this is a call to action that we need to redouble our efforts.