The British Government promised to make the United Kingdom the best country to do business. We are delivering. This month, our economy received three huge votes of confidence.
• First, the UK struck a landmark Free Trade Agreement with India — the fastest growing economy in the G20. The agreement is the most generous in India’s history and it will make trade between our countries cheaper, easier and quicker.
• Second, the UK became the first country to secure a landmark economic deal with the Trump administration. This will reduce tariffs across a range of sectors, from steel and aluminium to automotives, and cuts costs for businesses operating in the UK.
The deal is great news for businesses in California. As Europe’s premier destination for tech investment and as the largest foreign direct investor by jobs created in California, this deal will only further strengthen the deep ties between UK companies and their American customers and businesses.
What we have agreed will provide the foundation for a new reciprocal trading partnership between the United States and the UK, as well as secure actions that will protect jobs across the country and protect British businesses. The U.S. has committed to further negotiations, including on the 10% tariffs introduced on April 2 across our economy.
This deal is also a springboard to a transformative tech partnership between the UK and U.S. so we can harness technology and create future industries together that will strengthen both our nations for many years to come.
• And earlier this week, we struck a deal with the European Union which will deliver on the UK government’s growth agenda, slashing red tape and opening up access to EU markets for British businesses — making it easier for them to import and export food and drink. This deal will give U.S. companies based in the UK, greater access to the EU market.
Strong Foundations
Some said these deals would never be done. But the truth is the U.S., India and the EU saw in the UK a country with strong economic foundations. A trusted partner ready to negotiate constructively. An innovative economy embracing new emerging technologies like AI, quantum, fusion, and engineering biology.
Britain has always been an open, outward-looking trading nation. We believe that markets and free trade are fundamental to building prosperity at home and abroad.
We have one of the largest economies in the world, with cutting-edge businesses, brilliant universities, and a talented workforce. That’s why global CEOs recently ranked the UK as the second most attractive country to invest in. It’s why our growth rate is one of the highest in the G7.
And this government is building on these strengths. Earlier this year the UK announced $17 billion of capital investment over the next five years to deliver the projects needed to catalyze private investment, boost growth and drive forward the UK’s modern industrial strategy. This follows $133 billion of capital investment announced last autumn.
We are ripping up unnecessary regulation to cut the administrative costs on business by a quarter over the next five years. There are already hundreds of businesses from California in the UK. But with the offer of certainty, stability, and simplicity, we will give more firms the confidence to expand and invest in the UK.
Just the Beginning
Ultimately, the U.S., the EU, and India recognized the huge potential of closer trading relations with the UK under this government. These deals are just the beginning. We will continue to seek new agreements with our closest partners and the emerging markets of the future in order to make the British people safer and put money in their pockets.
We are in a new era of trade, with global instability threatening UK jobs and prosperity. This government is determined to look after the country’s national interest.
Our message to California business is this: We are open and ready to do business with you.
Tammy Sandhu MBE is the British Consul General in San Francisco.
