Trade Bill and Taxation (Cross Border) Bill

This week I want to share a letter with you jointly signed by the Minister of State for Trade Policy and the Financial Secretary to the Treasury. It is about the forthcoming Trade and Taxation Bills, which are being introduced now to Parliament.  

 

Once the UK leaves the EU and is free to trade with the rest of the world on its own terms, we will need a framework in place to ensure we can apply our own customs regime, which in turn will ensure we can continue to collect tax effectively.  We will also need various legal measures in place to let us enter into trade agreements, which in the past have been conducted  by the EU for us.

 

The bills give industry the legal foundation to grow and take full advantage of the trade opportunities ahead of them once we have left the EU.  When we talk about getting a good deal out of Brexit for any given sector, what we often mean is the basics of what tariffs - i.e. extra taxes - would be applied by countries to trading internationally in that sector.  These bills set out the framework in which we will define our future tariffs, so they are important bills.

 

The letter sets out the aims and objectives of the Trade Bill and the Taxation (Cross Border) Bill effectively.  I will be closely following these in Parliament, and contributing to the discussion by gathering evidence on the important economic sectors in Norwich.  

 

As the ministers say, trade is a key driver of growth and prosperity across the UK.  Norwich will have many opportunities ahead of it as we leave the EU.  These bills pave the way and show that the Government is putting the right building blocks in place to promote trade and jobs after Brexit.