Trade: Scotland
The question
To ask the Secretary of State for Scotland, with reference to paragraph 2.28 of the Office of Budget Responsibility's publication entitled Economic and fiscal outlook, published in October 2024, what assessment she has made of the potential impact of the change in overall trade intensity on Scotland.
Answered by Ian Murray
In its latest economic outlook, the OBR expects the level of overall exports to recover in 2025 and return to growth over the period 2026 to 2029. The European Union is an important trade partner for the UK, with total trade in goods and services of £813 billion in 2024.
A closer, more co-operative relationship with the EU is in the UK’s national interests and the Prime Minister and President of the European Commission have agreed to strengthen the relationship between the UK and EU.
The UK-EU Summit on 19 May will provide an opportunity to make further progress on areas which will deliver tangible benefits working with the EU to identify areas where we can strengthen cooperation for mutual benefit, such as trade and the economy.
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