Parliamentary Search

Written question asked by Lord Browne of Belmont (Democratic Unionist Party) on Tuesday, 15 March 2022, in the House of Lords. It was due for an answer on Tuesday, 29 March 2022. It was answered by Lord Grimstone of Boscobel (Conservative) on Tuesday, 5 April 2022 on behalf of the Department for International Trade.

Trade Agreements: New Zealand

Question

To ask Her Majesty's Government what assessment they have made of the projected impact of the UK–New Zealand Free Trade Agreement on the UK economy.

Answer

Our published impact assessment shows that the UK-New Zealand Free Trade Agreement (FTA) could increase UK gross domestic product (GDP) 0.03% or the equivalent of £0.8 billion by 2035. The impact assessment also shows that bilateral trade could increase by almost 60% and that take home pay for UK workers could increase by around £200 million in the long run, when compared to 2019 estimates of wages without the agreement.

The full impact assessment, which also includes impacts on sectors, regions, the environment and more, is available here:

https://www.gov.uk/government/publications/uk-new-zealand-fta-impact-assessment

Secondary information

Type
Written question
Reference
HL6963
Session
2021-22
Subjects
Economic situation New Zealand Trade agreements
Link
View this Written question on www.parliament.uk