Fox announces new trade offices in US
CABINET minister Liam Fox today announced that Britain would open three new offices in America as part of its vision to thrive as an “open and outward-looking economy”.
Speaking to a business audience in Chicago, the International Trade Secretary was due to say that new UK government trade posts would be set up in San Diego, Minneapolis and Raleigh, in addition to others around the US.
“Our ambitious vision for an open and out ward-looking UK economy includes growing our footprint in the most important markets around the world and these three cities offer exciting opportunities to boost trade and investment,” he was set to say.
The three new cities were chosen because of their economic productivity and well-established research and development institutions.
The new trade officials, who will be recruited locally, will focus on building links with key companies, politicians and educational centres, as well as working on wider goals of economic reform, market access, innovation and climate change.
Mr Fox, on his first overseas trip since becoming International Trade Secretary, highlighted that the Government’s office in Seattle had helped to clinch £8 million in capital investment and 1,000 jobs for the UK in the past year.
The Government is seeking to boost global trade amid fears that business with the EU will be hit if a Brexit deal does not give British companies good access to the single market.
Expectations are also growing that the Bank of England Monetary Policy Committee will next month cut interest rates from their historic low of 0.5 per cent in a bid to stave off an economic slowdown.
Prime Minister Theresa May was holding talks on Brexit at No 10 with Irish premier Enda Kenny today.
The meeting was taking place a day after Mrs May met the Northern Ireland First and Deputy First Ministers Arlene Foster and Martin McGuinness in Belfast.
The PM pledged to find a “practical” solution to the border with the Republic of Ireland after Brexit, adding: “Nobody wants to return to the borders of the past.”
She said that there had been a common travel area between the Republic of Ireland and the UK before either country was an EU member.