§ Lord Pearson of Rannochasked Her Majesty's Government:
Whether the United Kingdom deficit on current account in 1993–1998 with the European Union was around £47 billion; and, if so,
(a) whether they believe that the single market is beneficial to the United Kingdom economy; and, if so, why; and
(b) how many jobs have been lost to the British economy and gained by the economies of the other 14 European Union member states as a result of that imbalance; and [HL4061]
Whether the cumulative United Kingdom deficit on trade in goods with the Common Market/European Union in 1973–1998 was around £130 billion; if so, whether they believe that Common Market/European Economic Community/European Union membership has been economically beneficial to the United Kingdom; and, if so, why. [HL4062]
§ Lord McIntosh of HaringeyThe cumulative UK deficit on trade in goods with the European Union was $130 billion between 1973 and 1998. The Government are firmly of the view that membership of the single market is beneficial to the UK economy in terms of trade, employment and our ability to attract overseas investors to this country. The single market plays an important role in job creation, not just in the United Kingdom but across the European Union as a whole.