Lord Taylor of Warwick – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-04-26.

To ask Her Majesty’s Government what assessment they have made of the recent claims by the President of the United States that the UK leaving the EU could cause severe consequences to UK and US trade.

Lord Price

The Government has assessed that the total volume of UK trade with the world would be between 9% and 24% lower after 15 years if the UK left the EU.

If the UK withdrew from the EU we would no longer benefit from the trade agreement the EU is negotiating with the US. Negotiating a replacement agreement would take years as the US would almost certainly want to conclude its negotiations with the EU first before deciding whether to enter into separate negotiations with the UK.