Friday 8 December 2017 / 3:17 PM 2017 Press Archive / The Latest from Labour

The further widening of the trade deficit is extremely worrying – Bill Esterson MP

Bill Esterson MP, Shadow Minister for International Trade, commenting on
today’s overseas trade statistics, said:

“The further widening of the trade deficit is extremely
worrying and shows just how little impact this Government has had on
bettering our international trade position since the creation of
the Department for International Trade. 

"What today’s figures highlight once again is that British
businesses are deeply integrated within global value chains and are heavily
dependent on imports. Just this week the Secretary of State noted that
we need to be nuanced about complex value chains” yet it
is this Government who have repeatedly attempted to ignore
this complexity when they celebrate growing export figures
despite the widening trade deficit. They fail to grasp that import costs
go up as export volumes rise or as exchange rates fluctuate. Indeed,
total imports are increasing by a greater amount in all regions of the country
except Scotland and Northern Ireland.

“What businesses need is certainty and clarity as to what the
future trading landscape will be – including with key markets in the European
Union. Instead, this Government is doing everything possible to maximise
uncertainty and chaos.”