Part of Backbench Business – in Westminster Hall at 2:30 pm on 10 July 2018.
In one moment. I just want to make this point, because it is pertinent to what Mr Campbell was saying. Free trade with the Commonwealth is a goal—an announced goal—for a number of the Brexiteers, but the key question again is this: on what terms will those deals be done?
The economic modelling done for the Whitehall papers shows that a free trade agreement with America would provide a UK GDP benefit of about 0.2%. That is because the average weighted tariff with America is only 2%. So if we get rid of all the tariffs with America, it would add 0.2% to our economy. If we reach agreements with China, India, Australia and New Zealand, of course they would add benefit to the economy—somewhere between 0.1% and 0.4%. I just ask Members to bear that in mind, given the scale and the benefit of the trade that we do with the European Union.