The British government promised to make the UK the best country to do business. It is delivering.
This month, our economy received two 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 would make trade between our countries cheaper, easier and quicker.
Second, the UK became the first country to secure an economic deal with US President Donald Trump’s administration. This would reduce tariffs across a range of sectors, from steel and aluminum to automotives, and cuts costs for businesses operating in the UK.
Some said these deals would never be done, but the truth is the US and India saw in the UK a country with strong economic foundations. A trusted partner ready to negotiate constructively. An innovative economy embracing new trends such as artificial intelligence.
The UK has always been an open, outward-looking trading nation. It believes that markets and free trade are fundamental to building prosperity at home and abroad.
It has one of the largest economies in the world, with cutting-edge businesses, brilliant universities and a talented workforce. That is why global CEOs recently ranked the UK as the second-most attractive country to invest in. It is why the UK’s growth rate is one of the highest in the G7. And it is why companies such as MediaTek (聯發科) and Walsin Lihwa Corp (華新麗華) have chosen to make the UK their home.
The British government is building on these strengths. Earlier this year the UK announced ￡13 billion (US$17.3 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 ￡100 billion of capital investment announced last autumn.
The UK is ripping up unnecessary regulation to cut the administrative costs on businesses by a quarter over the next five years. There are already more than 180 Taiwanese businesses in the UK. With the offer of certainty, stability and simplicity, the UK would give more firms the confidence to expand and invest in it.
Ultimately, the US and India recognized the huge potential of closer trading relations with the UK, and they are not the only examples.
The UK is now an active member of Comprehensive and Progressive Agreement for Trans-Pacific Partnership after becoming the first European member earlier this year. With the first UK-EU Summit today, the UK is seeking a new deal with its closest neighbors to make British people safer and put money in their pockets. It is also building new partnerships with the emerging markets of the future.
These deals are just the beginning. The UK’s diplomats and trade negotiators have sent a signal — we are ready to do business.
David Lammy is the British Secretary of State for Foreign, Commonwealth and Development Affairs.
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