§ 14. Mr. FabricantTo ask the President of the Board of Trade when he next plans to visit his counterparts in North America to discuss bilateral trade with the United States and Great Britain's relationship with North American Free Trade Agreement countries; and if he will make a statement. [38662]
§ Mr. LangI shall be visiting the United States of America and Canada next week to discuss the United Kingdom's successful trade and investment relationship with my counterparts in the American and Canadian Governments and with others in both countries.
§ Mr. FabricantI am delighted that my right hon. Friend will be visiting the United States of America and a united Canada. Is he aware that British companies are the biggest investors—they invest more than companies in any other countries—in the United States, and vice versa? Is he also aware that the United States is our second largest trading partner? Does he not think that that is partly due not only to our historical connections, but to a common language, a common culture and a common legal system? Does he agree that talk from the Labour party that we should concentrate only—[HON. MEMBERS: "Get on with it.]
§ Madam SpeakerWe could have an Adjournment debate on that interesting topic. Perhaps the hon. 300 Gentleman would apply for one, but as this is Question Time, would he now put a direct question and resume his seat?
§ Mr. FabricantI stand chastised, Madam Speaker. Does my right hon. Friend agree that there is no mutual exclusivity and that we can trade well, not only with Europe, but with the United States of America and the NAFTA countries, too.
§ Mr. LangMy hon. Friend is right in all his points. I appreciate his difficulties as there is so much good news to impart to the House and such a great need for education among those on the Opposition Benches. He is right that the United States of America is the United Kingdom's second largest market. Our exports this year are running at some 8 per cent. higher than last year so far and, at £16.8 billion, our exports last year were a record.
§ Mr. EasthamIf it is so glorious to have our investments pumped into America, would it not be wise if some of that investment were pumped into Britain? Instead of the Tory Government swanking about the Japanese investing in Britain, why are we not investing in Britain ourselves?
§ Mr. LangThe hon. Gentleman might like to know that investment in plant and machinery in the UK has risen by 50 per cent. since 1979, and that since 1981 investment has risen faster than throughout Europe.