US trade deal could reap £3.4bn a year
A FREE-TRADE deal with the US could lead to a £3.4billion-a- year injection to the economy.
The Government says slashing tariffs and quotas would also see a £15.3billion surge in transatlantic commerce.
Makers of ceramics, cars and food and drink, as well as architects and lawyers would be among the big winners.
Officials at the Department for International Trade released the forecast last night ahead of publishing its negotiating objectives for a US trade deal today.
A Whitehall document is to spell out that any agreement with the Donald Trump White House must protect the NHS and uphold standards on food safety and animal welfare. It will try to maximise opportunities for businesses to trade digitally across the Atlantic.
Last night, Boris Johnson said: “We have the best negotiators in the business and, of course, we’re going to drive a hard bargain to boost British industry.”
Ambition
He added: “Most importantly, this transatlantic trade deal will reflect the unique closeness of our two great nations.”
Mike Cherry, of the Federation of Small Businesses, said 46 per cent of small and medium enterprise exporters were prioritising the US over the next three years. He added: “This shows the scale of ambition that will be unleashed if we can take full advantage of the opportunities.”
But National Farmers’ Union president Minette Batters warned not to “open up our borders, effectively, to cheap raw ingredients that would be illegal to produce here”.
Meanwhile, France’s Europe minister, Amelie de Montchalin, insisted the UK will not secure a trade deal with Brussels unless European fishing vessels still have access to British waters.
She said there was a risk the talks could become “a very nasty battle” and “we will both lose”.