My Lords, in any future renegotiation, I hope the Government will bear in mind that currently we have a massive imbalance of trade with Europe, equivalent to £80 billion a year. Thus we are creating in Europe 1.5 million jobs more than are its trade with us creates. We also import 800,000 more cars from Europe than it buys from us. All these factors mean that in many respects from a trade point of view Europe needs us more than we need it. I hope that this imbalance of trade will be well remembered in any future negotiations. It is something that the CBI surprisingly missed.

My Lords, in any future renegotiation, I hope the Government will bear in mind that currently we have a massive imbalance of trade with Europe, equivalent to £80 billion a year. Thus we are creating in Europe 1.5 million jobs more than are its trade with us creates. We also import 800,000 more cars from Europe than it buys from us. All these factors mean that in many respects from a trade point of view Europe needs us more than we need it. I hope that this imbalance of trade will be well remembered in any future negotiations. It is something that the CBI surprisingly missed.