§ Lord Pearson of Rannochasked Her Majesty's Government:
Further to the reply given by the Leader of the House on 14 December (H.L. Deb., col. 1138):
- (a) what proportion of the United Kingdom's gross domestic product goes in export to the European Union and whether the trade balance is in favour of the United Kingdom or the European Union;
- (b) what proportion of the United Kingdom's gross domestic product goes in export to the rest of the
WA 90 world and whether the trade balance is in favour of the United Kingdom or the rest of the world; and - (c) why it would be "profoundly damaging" for the United Kingdom to stay in the European Common Market but to leave the rest of the Treaty of Rome. [HL397]
§ Lord McIntosh of HaringeyLatest figures showing the geographical breakdown of the current account of the balance of payments relate to 1997 and were published by the Office for National Statistics in an article in the December 1998 edition ofEconomic Trends. These show that the value of exports of goods and services to the European Union (EU) accounted for 14.4 per cent. of UK gross domestic product (GDP) in 1997. The balance of trade in goods and services with EU countries was in deficit by £5.4 billion in this period. The value of exports of goods and services to the rest of the world accounted for 14.1 per cent. of UK GDP in 1997. The balance of trade in goods and services with the rest of the world was in surplus by £4.8 billion in this period.
The Government's policy is one of constructive engagement with Europe. Rather than standing on the sidelines unable to influence the course of the European debate, the Government will be engaged and constructive in setting out its ideas for Europe's future.