§ Mr. Austin Mitchell
To ask the Secretary of State for Trade and Industry what were the expected gains and losses to the United Kingdom expected under the Single European Act; what assessment has been made of the benefits to date; and if he will publish a table showing the current account balance on visible and invisible trade with the EEC in each of the past five years together with the forecast for this year and next.
§ Mr. Redwood
The single market is expected to raise the level of income in the European Community by removing the remaining barriers to trade between member stales. The Cecchini report published by the European Commission in 1988 sets out the range of expected benefits to the Community as a whole. Projections for the United Kingdom are contained in table A 4.4 on page 622 of volume 2 of the report "Research on the cost of non-Europe—Basic findings—Studies on the economics of integration", which is available in the library. The benefits which ultimately accrue to the United Kingdom from the completion of the single market will depend crucially on the response of firms to the opportunities and challenges which it presents.
Figures on the United Kingdom's visible and invisible trade with the Community can be obtained from table 10.1 of "The Pink Book" United Kingdom Balance of Payments, which is also available in the Library. No forecasts are made for the trade balance with the Community.