I thank the hon. Member for that intervention. Just as the Government’s aspirations go by those figures, we must likewise respect the figures of the Office for Budget Responsibility, as it is a lot more rigorous in its exercise. We cannot discard its figures; indeed, we must dwell on them as the wider British industry and the economy look closely at those figures. They are the best figures we have, rather than anything that the Government or anybody else have put on the table.
It crucial to acknowledge the broader context of the UK’s export performance. In recent years, we have seen a concerning decline in our export capabilities, raising questions about how effectively the CPTPP can reverse the trend. The Bill must be part of a larger strategy to revitalise our global trade presence and not be just a stand-alone solution. The deal was negotiated by the party that has hiked trade barriers, crashed our economy, driven up food prices, engaged in damaging megaphone diplomacy, increased bureaucracy for our businesses trading internationally, and much worse besides. In contrast, Labour’s objective is to increase trade and international co-operation, and we will be closely watching the execution of this deal.
The Government have repeatedly failed on their promises on the international stage. We support international trade and global co-operation, but that must translate into tangible benefits for British jobs, consumers and our overall global economic prosperity. That trade also cannot come at the cost of our moral and ethical commitment to, for example, human rights, labour rights, food standards and the environment. Labour’s approach to the CPTPP will be one of cautious optimism, balanced by a realistic assessment of its potential impact on our national interests.
As we edge closer to a much awaited election that will help to put the British public out of their misery, the Labour party stands as the true party of business and trade, advocating for agreements that genuinely benefit the UK’s economy. We support the CPTPP but remain vigilant about ensuring that it aligns with our vision of a thriving, globally competitive Britain. We are committed to a future where Great Britain not only engages with the world but leads in a fair, equitable and profitable trade relationship with our partners around the world.
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