Tag: trade

Prime Minister at the White House: “We stand side by side still”

Prime Minister Keir Starmer’s opening remarks at the White House press conference

Thank you very much, Mr President. Thank you for your hospitality, thank you for your leadership. This has been a very good and very productive visit.

And with your family roots in Scotland, and your close bond with His Majesty the King, it’s good to know that the United Kingdom has a true friend in the Oval Office.

And it was so good to see the bust of Winston Churchill back in its rightful place just a moment ago.

But look, in a moment of real danger around the world this relationship matters more than ever. We remain each other’s first partner in defence ready to come to the other’s aid to counter threats, wherever and whenever they may arise.

No two militaries are more intertwined than ours. No two countries have done more together to keep people safe.

And in a few weeks’ time we’ll mark VE Day The 80th anniversary of Victory in Europe. Britain and America fought side-by-side to make that happen – one of the greatest moments in our history.

We stand side-by-side still, today and we’re focused now on bringing an enduring end to the barbaric war in Ukraine.

Mr President, I welcome your deep, personal commitment to bring peace and stop the killing. You have created a moment of tremendous opportunity to reach an historic peace deal – a deal that would be celebrated in Ukraine and around the world.

That is the prize.

But we have to get it right. There’s a famous slogan in the United Kingdom, from after the Second World War – that is that we have to “win the peace.” And that’s what we must do now.

Because it can’t be a peace that rewards the aggressor. Or that gives succour to regimes like Iran.

We agree – history must be on the side of the peacemaker, not the invader. So the stakes, they could not be higher.

And we’re determined to work together to deliver a good deal. We’ve discussed a plan today to reach a peace that is tough and fair – that Ukraine will help to shape – that is backed by strength – to stop Putin coming back for more.

And I am working closely with other European leaders on this. And I am clear – that the UK is ready to put boots on the ground and planes in the air to support a deal. Working together with our allies, because that is the only way that peace that will last.

Mr President, in this new era, you’re also right that Europe must step up. And let me tell you now – I see the growing threats we face and so the UK is all in.

This year we will be giving more military aid to Ukraine than ever. And just this week I have set out how we are shouldering more of the security burden. We’re already one of the biggest spenders in NATO and now we are going much further, delivering Britain’s biggest sustained increase in defence spending since the Cold War.

This isn’t just talk – it’s action. Rebalancing the transatlantic alliance, making us all stronger and standing up for our shared values and shared security. As Britain always has.

Now, Mr President, it’s no secret we’re from different political traditions but there is a lot that we have in common. We believe it’s not taking part that counts – what counts is winning. If you don’t win – you don’t deliver.

And we’re determined to deliver for the working people of Britain and America – who want – and deserve – to see their lives improve. So we’re both in a hurry to get things done.

And that’s what the UK and the US do when we work together: we win – and we get things done.

So we’ll do what it takes to keep our people safe. We will also work together to deliver some big economic wins that can benefit us both.

We have $1.5 trillion invested in each other’s economies, creating over 2.5 million jobs across both economies.

Our trading relationship is not just strong – it is fair, balanced and reciprocal.

We’re leaders together in so many areas: Ranked one and two in the world as investment destinations…one and two for universities…One and two for Nobel prizes…One and two in golf, as well – by the way…

And we’re the only two western countries with trillion dollar tech sectors – Leaders in AI and look, we take a similar approach on this issue.

Instead of over-regulating these new technologies we’re seizing the opportunities they offer. So we have decided today to go further to begin work on a new economic deal with advanced technology at its core.

Look – our two nations, together shaped the great technological innovations of the last century. We have a chance now to do the same for the 21st century.

I mean – artificial intelligence could cure cancer that could be a moonshot for our age and that’s how we will keep delivering for our people.

There are so many opportunities.

Keep our nations strong and fulfil the promise of greatness that has always defined this relationship.

Finally, to underline the importance of this bond, it was my privilege and honour to bring a letter with me today – from His Majesty the King.

Not only sending his best wishes, but also inviting the President and the First Lady to make a State Visit to the United Kingdom: an unprecedented second State Visit – this has never happened before.

It’s so incredible it will be historic.

And I’m delighted that I can go back to His Majesty The King and tell him that President Trump has accepted the invitation.

So thank you. Our teams will now work together to set a date.

Mr President, we look forward to welcoming you in the United Kingdom.

Thank you once again.

PM meeting with President Trump

Prime Minister Keir Starmer and President of the United States Donald Trump met today in the White House. 

The leaders discussed the depth of the special relationship between their two nations and their commitment to shared security and prosperity.  

They spoke about the fair, balanced and reciprocal economic relationship that the two countries enjoy. They agreed their teams should work together to deepen this relationship, and to work together to agree a trade deal focused on tech.  

On defence and security, they agreed that the strength of the UK and US’s intelligence and defence relationship is unrivalled. The Prime Minister underlined the announcement he made this week to increase defence spending to 2.5%  

The leaders agreed that on Ukraine, talks must work towards a lasting peace. The Prime Minister said the UK is ready to play a leadership role on supporting Ukraine’s future security. They discussed their shared commitment to a ‘peace through strength’ approach and that their teams should collaborate on this. 

The President accepted an invitation on behalf of His Majesty The King for an unprecedented second State Visit to the United Kingdom.


Growth and security at heart of PM’s meeting with President Trump

The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today in Washington D.C – but what Mr Trump will be focused on is anyone’s guess

  • Prosperity and security for working people focus of Prime Minister’s meeting with President Trump.   
  • Special relationship between UK and US critical to deliver growth and security, with further collaboration on AI and tech.    
  • Prime Minister to reiterate shared US-UK commitment to reaching a durable and lasting peace in Ukraine, and the need for Europe to step up to the challenge.

The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

The UK and the US share a unique and historic relationship, based on shared values and a mutual commitment to economic and defence cooperation.  

The UK and the US have one of the biggest trading relationships of any two countries in the world, worth around 400 billion dollars and supporting over 2.5 million jobs across both countries.     

This visit comes just days after the third anniversary of Russia’s illegal invasion of Ukraine. The Prime Minister and President Trump share a commitment to delivering lasting peace in Ukraine, and the Prime Minister will reiterate the UK’s commitment to securing a just and enduring peace, bringing an end to Russia’s illegal war.     

The Prime Minister will be clear that there can be no negotiations about Ukraine, without Ukraine and will recognise the need for Europe to play its part on global defence and step up for the good of collective European security.    

On Tuesday, the Prime Minister announced that defence spending will increase to 2.5% of GDP from April 2027, with an ambition to reach 3% in the next parliament. This will drive economic growth and create jobs across the UK, while bolstering national security and protecting borders.   

Prime Minister Keir Starmer said: “The world is becoming ever more dangerous, and it is more important than ever that we are united with our allies.     

“A stable economy, secure borders and national security are the foundations of my Plan for Change, and the US-UK relationship is integral to delivering them. These principles will be at the heart of discussions with President Trump today.  

“There are huge opportunities for us to deepen our special relationship, deliver growth and security, and improve the lives of working people in both our great nations.”

Both countries are world leaders in AI and advanced technologies, and the Prime Minister will be looking to build on these strong foundations to create jobs and economic growth.     

The discussion will have a particular focus on the opportunities that further technology and AI partnerships could deliver. These include a proposal of high-ambition shared moonshot missions across top technologies including quantum and AI, and a deeper partnership on space.     

The US and UK are the only two allied countries with trillion-dollar technology eco-systems, and the Prime Minister will make the case for further integration between the two countries’ tech sectors to make them the most efficient, ambitious technology sectors in the world.     

In October, US tech firms announced a £6.3 billion package of investment to support UK data centres – a central pillar of the government’s plan to ramp up the country’s AI capacity. In January a further £12 billion investment from Vantage Data Centers created over 11,500 jobs as the government published its AI Opportunities Action Plan.   

These investments represent just one facet of the deepening science, innovation, and technology collaboration between both countries. In AI, researchers from both sides of the Atlantic have dedicated research exchange programmes to share knowledge and expertise in delivering the next wave of cutting-edge innovations that improve people’s lives in areas such as personalised care, autonomous surgeries, and cancer diagnosis – on top of a broader AI partnership which has also been signed by the AI Institutes of both countries. 

On a visit to the West Coast at the end of last year Technology Secretary Peter Kyle met a range of companies to bang the drum for further investment in the UK’s technology sector. Just two weeks ago, he also put pen to paper on a new partnership with leading AI firm Anthropic which will explore how the technology can be put to work to transform the public services that UK citizens rely on, and deliver on the government’s Plan for Change.   

The Prime Minister will join President Trump at the White House today, where he will be greeted by the President before signing the White House Guest Book and a tete a tete at the Oval Office. This will be followed by a bilateral lunch, and a joint press conference. He will also carry out a defence-focused visit.   

On arrival on Wednesday night, he met a select group of CEOs from large US businesses to discuss their existing and growing presence in the UK, and the importance of UK-US trade and investment (above).

He will outline the strength of the UK offer to investors: policy stability; an active partnership with government; an open, trading economy; and a reform agenda focused on making it easier to do business.   

The Prime Minister is accompanied by the Foreign Secretary David Lammy, who will join the Prime Minister’s programme at the White House (pictured above with ‘Lord’ Peter Mandelson, who welcomed the UK delegation to Washington).

Chancellor calls for business-like relationship with EU

  • Rachel Reeves calls for business-like relationship with the EU to drive more trade, support businesses and boost economic growth that benefits working people
  • Chancellor to put making working people better off at the heart of economic reset with the EU
  • Reeves to be the first UK Chancellor to address EU finance ministers since the UK left the EU

Making working people better off must be the aim of our economic reset with the EU, Chancellor Rachel Reeves will tell a meeting of finance ministers in Brussels today.

Reeves becomes the first UK Chancellor to attend a meeting of EU finance ministers since the UK left the EU – a clear signal of the UK Government’s commitment to reset the relationship with the EU and realise the economic potential of our shared future.

In her speech, the Chancellor will set out that part of the government’s mission to drive economic growth and make working people better off, a central part of our Plan for Change, will be achieved through a closer relationship with the European Union.

She will talk to three key areas of the UK-EU relationship: tackling shared challenges, including the war in Ukraine; championing free trade as a driver of economic competitiveness; and strengthening bilateral economic partnerships.

She will go on to say that by taking these on together, we can have a meaningful impact on putting more money in people’s pockets through lower prices and better jobs through increased investment.

Rachel Reeves, Chancellor of the Exchequer, will say: “This is the first time a British Chancellor has addressed the Eurogroup since Brexit. And there could be no more important moment to do so, than now.

“It is a signal of the new UK Government’s commitment to resetting our country’s relationship with the European Union; and the importance I place in realising the economic potential of our shared future.”

She will add: “I know that the last few years have been fractious. Division and chaos defined the last government’s approach to Europe. It will not define ours.

“We want a relationship built on trust, mutual respect, and pragmatism. A mature, business-like relationship where we can put behind us the low ambitions of the past and move forward, focused instead on all that we have in common.

“And all that we might achieve together to keep our countries safe, secure and prosperous.”

On strengthening economic ties, she will say: “I believe that a closer economic relationship between the UK and the EU is not a zero-sum game. It’s about improving both our growth prospects.

“The reset in relations is about doing what is the best interests of our shared economies and those that depend on it.

“That means breaking down barriers to trade, creating opportunities to invest and helping our businesses sell in each other’s markets.

“That’s why I’m here today; that’s what our reset seeks to achieve.”

Ms. Reeves will also underscore the importance of the UK and EU’s unwavering support for Ukraine over 1,000 days since Russia’s invasion, delivered most recently through a G7 loan of $50bn backed by the extraordinary profits on immobilized Russian sovereign assets. She will say that Ukraine’s national security ensures the UK and Europe’s national security too.

While in Brussels, the Chancellor will also attend a series of bilateral meetings with European counterparts. International economic partnerships are a crucial part of the government’s number one mission to grow the economy and make every part of the UK better off.

There will no return to the single market, the customs union, or freedom of movement. But, following their meeting on 2 October, the Prime Minister and President of the European Commission Ursula von de Leyen agreed to strengthen the UK-EU relationship and put it on a more solid, stable footing.

The EU reset feeds directly into the government’s Plan for Change to be achieved via its five missions – one of which is growth. The reset will help contribute to the government’s ambitions to grow the economy, invest to create an NHS fit for the future and tackle irregular migration.

The UK and the EU share the world’s second largest trading relationship, facilitating over £660 billion (€750 billion) in trade each year. The UK and EU countries together also comprise 24 of NATO’s 32 allies, united in a commitment to collective security.

The government will publish a Trade Strategy in 2025, renewing the government’s commitment to free and open trade.

It will support the government’s Industrial Strategy and Net Zero ambitions and enhance economic security. As part of this, the government will work with the EU to identify areas where the government can strengthen cooperation for mutual benefit, including the economy, energy, security and resilience.

Global partnerships are crucial to the UK government, with direct benefit to the domestic economy – the International Investment Summit held in October secured a record breaking £63 billion of investment and nearly 38,000 jobs are set to be created across the UK as a result.

Today’s Eurogroup attendance comes after Reeves’ speech at Mansion House in November, where she set out that advocating free and open trade especially with economically important partners was in the UK’s national interest. Reeves’ visit to Brussels comes ahead of her next international visit, which will be to Beijing in the new year.

Shevaun Haviland, Director General of the British Chambers of Commerce said: “If our economy is to grow then we must export more. That’s why we urgently need a better trading relationship with our closest and biggest market, the European Union. The current arrangement isn’t working for our members. 

“Right now, UK firms wanting to trade with Europe are struggling under huge regulatory and paperwork burdens.   

“Businesses will be encouraged to hear the Chancellor talking about a reset in our relationship with the EU which genuinely breaks down barriers to trade.  

“A better deal can’t come soon enough for UK exporters. It’s vital that talks move at pace in the coming months to make life easier for businesses to thrive.”

Britain is open for business: Chancellor visits North America in investment drive

  • Rachel Reeves to bang the drum for Britain in visit to New York City and Toronto this week.
  • Chancellor to share her vision for growth and champion UK sectoral strengths across financial services, clean energy and infrastructure to investors and CEOs.
  • Trip to build momentum for the International Investment Summit on 14 October.

Chancellor Rachel Reeves has visited New York and Toronto this week with the message that Britain is open for business.

She met with CEOs and senior representatives from major players across the US and Canada’s foremost industries, highlighting that early steps taken by the government to fix the foundations and restore economic stability makes the UK an attractive destination for investment.

Chancellor of the Exchequer Rachel Reeves: “I’ve wasted no time in my first month in office in taking the difficult decisions necessary to fix the foundations of our economy, so we can rebuild Britain and make every part of the country better off.

“That means restoring economic stability so we can attract the investment needed to create good jobs, boost wages, and improve opportunity across Britain.

“There is no credible plan for growth without private sector investment. That’s why I’m breaking down barriers at home and banging the drum for Britain abroad as we gear up to host the International Investment Summit.”

While in New York, the UK’s first female Chancellor of the Exchequer met with Wall Street leaders and host a reception to celebrate women in finance.

The US is the UK’s biggest financial services trading partner, with UK exports to the US valued at £23.4bn annually. The sector is at the heart of the government’s core mission to deliver sustainable economic growth as a jewel in the crown of the UK economy and one of its success stories, contributing almost 10% of UK GVA and employing 1.2 million people.

In Toronto, the Chancellor met with names in the world of clean energy and infrastructure. The government’s mission to make Britain a Clean Energy Superpower will bring opportunities for economic growth whilst helping the UK meet its target of clean power by 2030.

That mission has started in earnest with the creation of Great British Energy to partner with the private sector and secure the investment needed to accelerate the transition, the sweeping away of barriers to onshore wind farms, and a record £1.5 billion budget for this year’s renewable energy auction to get Britain building green.

During her time in the US and Canada, Reeves has pointed out that the government has moved quickly to create a stable environment where businesses have the confidence to invest in the UK.

This has included reform of a planning system that has long frustrated investment, ending the ban on on-shore wind and the establishment of a National Wealth Fund, backed by £7.3 billion to catalyse further private investment in our world-leading green and growth industries of the future.

The UK is already Europe’s leading hub for investment, with UK markets raising more capital than the next two highest European exchanges combined in 2023.

The Chancellor visited North America with a renewed purpose to build upon this, with it being announced yesterday that Britain is to play host to the International Investment Summit on 14 October.

In doing so, Ms Reeves is looking to deepen the strong economic relationship between Britain and the two North American countries.

The United States is the largest source of foreign investment in the UK and the UK is the third largest investment destination for Canadian companies, whom invested more than $73 billion of FDI stock in 2021.

Resilient Scotch Whisky industry reaches £5.6bn global exports despite ‘challenging’ 2023

The Scotch Whisky Association (SWA) has released global export figures that show the value of Scotch exports topped £5.6bn in 2023. The equivalent of 1.35bn 70cl bottles of Scotch Whisky were exported last year, equating to 43 per second.

The figures, released yesterday, show a decrease on 2022 exports for both volume and value, which the industry says was a “bumper” year for exports as global markets reopened and restocked following the pandemic, as well as the full reopening of global travel retail.

The 2023 figures represent a more normalised depiction of the current state of global exports, with robust growth on pre-pandemic numbers.

Exports of Scotch Whisky have risen by 14% in value compared to 2019, with a 3% increase in volume. However, whisky bosses have also warned that 2023 posed “significant” challenges for the sector both at home and in a number of key markets, warning that maintaining these numbers without more concrete government support in the coming year could hamper longer term growth.

As in 2022, Asia-Pacific continued to dominate as Scotch Whisky’s largest regional market by value in 2023, supported record value exports to China, a market up 165% on 2019, and value uplifts Singapore (19%) and Taiwan (8%). Premiumisation of Scotch Whisky remains a driver in these key markets: single malt Scotch Whisky continued to rise in popularity among a growing cohort of consumers, with double digit growth in China and Singapore on 2022.

Europe remained a key export region for Scotch Whisky for both volume and value, with France once again becoming the industry’s largest volume market – a position briefly held by India in 2022.

Exports to India fell in volume and value compared to 2022, the fall coming against a backdrop of ongoing UK-India FTA talks and the Scotch Whisky industry’s calls for a trade agreement which lowers the 150% tariff on Scotch imports into India, which would lead to significant export growth to the market.

The United States, which has long been Scotch Whisky’s biggest market by value, saw a sector-wide fall in exports of 7% compared to 2022, and 8.5% on 2019, to £978m. Industry figures say that these numbers are reflective of global economic conditions and rising living costs for consumers in the US, which remains a dynamic, competitive market for whisky, and the wider spirits category.

Last year saw companies manage stock levels within market following restocking in 2022, and the industry expects the short-term export dip to realign over the course of 2024. However, the SWA has also warned that 2024 marks a halfway point for the five year removal of tariffs on single malt Scotch Whisky which were imposed in 2019, and has urged the UK government to press for longer-term tariff-free trade for Scotch in its talks with the US administration.

The export figures come a month on from the industry’s latest economic impact report, which showed that the contribution of the Scotch Whisky sector to the UK economy has reached £7.1bn annually, supporting 66,000 jobs across the UK.

Mark Kent, Chief Executive of the Scotch Whisky Association said: “Scotch Whisky has once again shown its export strength despite significant challenges across a volatile global trading environment.

“The figures demonstrate that Scotch Whisky brands and distilleries are investing in their teams, their tourism offering, their long-term sustainability and their global presence to ensure that Scotch continues to be the world’s favourite whisky.

“We know that the Scotch Whisky industry is remarkably resilient as we look at these numbers against the backdrop of rising costs for consumers and businesses, but the figures are a reminder once again that the Scotch Whisky success story cannot be taken for granted.

“We need to see more tangible support from government both at home and in our priority markets in order to continue to grow our export numbers, and the resultant investment, employment and economic benefits that come with that.

“A cut to spirits duty in the Spring Budget would be a step in the right direction, giving the industry platform at home to push forward with international growth. Government must also do away with any notion of restricting the marketing of Scotch Whisky in Scotland, which would have a significant and lasting impact on the industry’s ability to generate future growth.”

UK Government Minister for Exports Lord Offord said: “Scotch Whisky is a major UK exporting success story contributing billions of pounds to the economy and supporting thousands of jobs.

“We want the UK to be an export-led economy and reach a trillion pounds of exports a year by 2030. It’s fantastic to see whisky exports in 2023 continuing to outperform pre-pandemic levels as businesses take advantage of our free trade deals and expand into new markets around the world.”

Tata Group to invest over £4 bn in UK gigafactory creating thousands of jobs

  • Tata Group announces new multibillion-pound electric car battery factory to be built in the UK – one of the largest ever investments in the UK automotive sector.
  • Investment will create up to 4,000 new direct jobs, and thousands more in the wider supply chain – driving forward the Prime Minister’s priority to grow the economy.
  • New gigafactory set to provide almost half of the battery production needed by 2030 – turbocharging UK’s switch to zero emissions vehicles.

The UK has been chosen as the home of Tata Group’s first ‘gigafactory’ outside India, in a move set to create thousands of jobs and bring a huge boost to the UK’s automotive sector.

Tata Group confirmed the UK had secured one of the largest ever investments in the UK auto industry today (19 July). The gigafactory will secure UK-produced batteries for another Tata Sons investment, Jaguar Land Rover, as well as other manufacturers in the UK and Europe.

The new gigafactory, at 40GWh, will be one of the largest in Europe. It will create up to 4,000 highly skilled jobs, as well as thousands of further jobs in the wider supply chain for battery materials and critical raw minerals, helping grow the economy and take forward the UK’s commitment to net zero.

Prime Minister Rishi Sunak said: “Tata Group’s multi-billion-pound investment in a new battery factory in the UK is testament to the strength of our car manufacturing industry and its skilled workers.

“With the global transition to zero emission vehicles well underway, this will help grow our economy by driving forward our lead in battery technology whilst creating as many as 4,000 jobs, and thousands more in the supply chain.

“We can be incredibly proud that Britain has been chosen as home to Tata Group’s first gigafactory outside India, securing our place as one of the most attractive places to build electric vehicles.”

Mr N Chandrasekaran, Chairman, Tata Sons, said: “The Tata Group is deeply committed to a sustainable future across our business.

“Today, I am delighted to announce the Tata Group will be setting up one of Europe’s largest battery cell manufacturing facilities in the UK. Our multi-billion-pound investment will bring state-of-the-art technology to the country, helping to power the automotive sector’s transition to electric mobility, anchored by our own business, JLR (Jaguar LandRover).

“With this strategic investment, the Tata Group further strengthens its commitment to the UK, alongside our many companies operating here across technology, consumer, hospitality, steel, chemicals, and automotive.

“I also want to thank His Majesty’s Government, which has worked so closely with us to enable this investment.”

The investment of over £4 billion represents a historic moment for the UK’s growing electric vehicles industry.

The new gigafactory will supply JLR’s future battery electric models including the Range Rover, Defender, Discovery and Jaguar brands, with the potential to also supply other car manufacturers. Production at the new gigafactory is due to start in 2026.

This investment will be crucial to boosting the UK’s battery manufacturing capacity needed to support the electric vehicle industry in the long term. With an initial output of 40GWh it will also provide almost half of the battery production that the Faraday Institution estimates the UK will need by 2030.

Business and Trade Secretary Kemi Badenoch said: “Today’s multibillion-pound investment demonstrates that this Government has got the right plan when it comes to the automotive sector.

“We are backing the UK car industry to help grow our economy as we transition to electric vehicles, and this latest investment will secure thousands of highly-skilled jobs across the country.

“Tata’s decision is a major vote of confidence in UK automotive. The Government is committed to making the UK one of the best places in the world for automotive investment, as evidenced by the Automotive Transformation Fund, the British Industry Supercharger, and the strong programme of support for research and development.”

Chancellor of the Exchequer Jeremy Hunt said: “This is a huge vote of confidence in the UK and one that will drive growth in our economy, creating thousands of jobs and powering our transition to electric cars.

“Tata Group’s gigafactory builds on the strength of our manufacturing industry and shows we’re on the right track, backing the sectors that will underpin our future prosperity for decades to come.”

Energy Security Secretary Grant Shapps said: “Today’s announcement from Tata is excellent news. We have been working tirelessly with the company, and across government, to make the case for why the UK is the best place for them to invest.

“This new gigafactory puts us firmly in the fast lane to becoming the capital of Europe’s electric car market, and makes crystal clear how they see the UK as the place to be for their future growth.

“With thousands of jobs on site and in the supply chain, this new factory will be the cornerstone of our automotive industry, backing manufacturers to develop and expand, and customers to make the switch from petrol and diesel.”

Delivering economic transformation?

Scotland’s inward investment and export growth plans

Strategies to attract foreign investment and open up international trade for Scottish companies have reported successful results. 

Business Minister Ivan McKee told the Scottish Parliament that the export growth strategy, A Trading Nation, has delivered an additional £3 billion of planned international sales in its first three years.

Goods exports are growing more quickly than the UK as a whole and Scotland is also the only part of the UK with a positive trade balance in goods with the rest of the world, exporting £2.2 billion more than it imported in 2021.

A separate progress report on the Scottish Government’s Inward Investment Plan highlights that enterprise agencies attracted 113 inward investment projects and a total of 7,780 jobs in 2021-22, with 39 new investors choosing to locate here. The latest EY Annual Attractiveness Survey 2022 showed Scotland remains the most attractive part of the UK outside London for attracting foreign direct investment.

Ahead of his update to Parliament, Mr McKee visited the Tartan Blanket Co. in Edinburgh to hear how it was aiming to increase international sales.

The Business Minister said: “Despite unprecedented challenges for businesses and the economy, Scotland continues to punch above its weight on both exports and inward investment.

“A Trading Nation and our Inward Investment Plan have delivered important contributions to export growth and attracting inward investment to date. Delivery of these plans are key to Scotland’s National Strategy for Economic Transformation.

“The plans help build on Scotland’s strengths to win an ever-greater share of domestic and international market opportunities, support the development of Scottish supply chains, lay the foundations of a net zero industrial strategy, and attract and deploy significant domestic and private investment in Scotland.

“Scotland can take huge confidence – based on the progress reports and the growth of companies like The Tartan Blanket Co. – that our trade and investment strategies remain the right approach to growing exports and attracting inward investment in the years ahead.”

Neil Francis, Interim Managing Director of Scottish Development International (SDI), the international arm of Scottish Enterprise, said: “Global trade and investment is absolutely vital to Scotland’s economy and achieving the sustainable economic growth we all want to see.

“These progress reports underscore the strengths Scotland has on the international stage, both in terms of the attractiveness of our companies to global markets and as a location for companies to invest, locate and grow in.

“Our SDI colleagues based here and in target markets across the world will continue to bang the drum for Scotland, highlighting the incredible investment opportunities that exist here while supporting Scottish companies, such as The Tartan Blanket Co., export their world-class products and services overseas.”

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You’ve got a friend … PM ‘gets on with the job’ on eve of damning report

PM hails £10 billion Qatari ‘vote of confidence’ in the UK

  • The PM hosted the Amir of Qatar yesterday to develop our historic partnership and agree new joint work on trade, energy and defence
  • Strategic Investment Partnership will see Qatar invest up to £10 billion in key industries across the UK, creating jobs and growth
  • UK and Qatar agreed to work together improve the stability of energy supply chains and support security at the 2022 World Cup

It was all smiles when The Prime Minister welcomed the Amir of Qatar, Sheikh Tamim bin Hamad al Thani, to Downing Street yesterday for discussions on driving economic growth and addressing global challenges together.

The meeting was surely a welcome distraction from the latest Partygate revelations and the imminent publication of the Sue Gray report into Downing Street lockdown parties, which is expected to be extremely critical of Boris Johnson’s conduct.

The UK and Qatar signed a new Strategic Investment Partnership (SIP) which will see Qatar invest up to £10 billion over the next five years in key sectors of the UK economy, including fintech, zero emissions vehicles, life sciences and cyber security. The investment is expected to create high-quality jobs in new industries across the country.

The Prime Minister and the Amir also had a wide-ranging discussion on geopolitical issues. They were united in their condemnation of Russia’s aggression in Ukraine and discussed issues of regional security, including relations with Iran.

Prime Minister Boris Johnson said: “Today’s announcement of up to £10bn in new investment from our Qatari friends is another vote of confidence in the UK’s brilliant businesses and cutting-edge industry.

“The new UK-Qatar Strategic Investment Partnership will create quality job opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment.

“Qatar is a valued partner for the UK, supported by Sheikh Tamim bin Hamad’s leadership.  We had a rich discussion on the issues that matter to both of our countries, including boosting the economy, ensuring regional stability and improving energy security following Russia’s appalling invasion of Ukraine.”

UK-Qatar trade was worth £4.8 billion last year and Qatari investment in the UK economy is already estimated to be worth over £40 billion, supporting jobs and growth across the country.

Minister for Investment Lord Grimstone said: “It is excellent news that Qatar is targeting up to £10 billion investment into the UK through our new Strategic Investment Partnership.

“Not only will it boost local economies and support jobs, but it supports our green economy and decarbonisation – crucial in meeting our Net Zero targets. It also strengthens our relationship with Qatar ahead of our UK-Gulf Cooperation Council trade negotiations.”

Business Secretary Kwasi Kwarteng also signed an MoU on energy cooperation with Qatar’s Minister of State for Energy Affairs at Downing Street. Qatar is a major energy supplier for the UK, providing 40% of our liquefied natural gas – the new MoU commits us to work together to boost innovation and collaboration, supporting the security of global energy supplies.

UK Secretary of State for Business and Energy, Kwasi Kwarteng, said: “I am delighted to further the UK’s energy cooperation with the State of Qatar as we work to stabilise international energy markets and boost energy security in the context of Russia’s illegal invasion of Ukraine.

“Qatar is already a valued trading partner, recently investing in the future of British low-carbon nuclear technology through the Rolls Royce consortium developing small modular reactors. Today’s meeting will deepen our relationship even further, reinforcing the UK’s energy security and delivering cleaner and affordable energy in the years ahead.”

The Prime Minister and Amir discussed the upcoming 2022 Qatar World Cup this winter, and the UK committed significant new military and counter-terrorism support for the safe running of the event.

A joint UK-Qatar Typhoon Squadron will provide additional air security, and the Ministry of Defence with advanced venue search training and operational planning support.

The Prime Minister also confirmed that the UK will ensure Qatari nationals can access the UK’s new Electronic Travel Authorisation system from early 2023, facilitating easier travel for business visitors and tourists.

US trade ‘delivering for Scotland’ as Aberdeen hosts transatlantic dialogue

  • International Trade Secretary welcomes US counterpart Ambassador Tai to Aberdeen to discuss how transatlantic trade is delivering for the people of Scotland and the rest of the UK.
  • Talks focus on key sectors for Scottish economy and bring together iconic Scottish businesses including Walker’s Shortbread and innovative energy SME, Enpro-Subsea.
  • Figures show US investment is supporting over 100,000 jobs and generating nearly £50 billion for the Scottish economy.

The UK will today host the second transatlantic trade dialogue in Aberdeen aimed at boosting our £200 billion trade partnership with the US.

Against a backdrop of Aberdeen’s flourishing tech scene and world-leading energy sector, the dialogue will focus on agreed priority areas including digital and innovation, green trade, supporting SMEs and supply chain resilience.

Latest figures show the importance of transatlantic trade to Scottish workers, businesses and industry:

  • Nearly a quarter of the nation’s services exports are to the US
  • Scotch whisky exports continues to play a vital role in wider UK-US trade, with almost two thirds of beverages exported to the US coming from Scotland
  • The US is Scotland’s number one foreign investor, according to EY
  • US-owned businesses support over 100,000 jobs, generating nearly £50 billion for the economy

The Secretary of State for International Trade Anne-Marie Trevelyan will discuss the importance of trade for creating jobs and spreading economic opportunities throughout the UK – a key part of our levelling up agenda.

The dialogue will convene leaders from across Scottish, central and local government, a wide range of businesses as well as trade unions and civil society groups such as Trades Union Congress.

International Trade Secretary, Anne-Marie Trevelyan, said:  “This dialogue gives us a platform to explore more modern, digital ways of trading. It will identify and resolve barriers to trade to make it cheaper and easier for businesses in Scotland and throughout the UK to do business with our US friends.

“As two leaders in green innovation, it also gives us the opportunity to harness trade to tackle shared challenges such as climate change.

The Trade Secretary met with leaders from Scotland’s food and drink industry including Walker’s shortbread and Clootie McToot last night.

Attendees also included US spirits company Brown-Forman which owns three of Scotland’s top distilleries GlenDronach, Benriach and Glenglassaugh and employs hundreds of people in the UK. The firm hailed the lifting of tariffs on US whiskey thanks to the recent resolution of the S232 steel and aluminium tariffs dispute, and revealed it is now planning a multi-million pound investment in its Scottish facilities.

Ahead of the dialogue, Trevelyan and Tai will visit offshore energy SME, Enpro-Subsea in Aberdeen where Trevelyan will highlight the UK’s energy strategy aimed at securing energy security and independence, while we support the transition from fossil fuels to new technologies. The company demonstrates that achieving our environmental goals must go hand-in-hand with an evolving North Sea industry.

Discussions at the dialogue will provide a solid foundation for further engagement with the US. This includes ongoing work at a state-level such as mutual recognition of qualifications as well as continuing to remove barriers to trade.

The Government has already helped lift the ban on UK exports of lamb and beef and resolved the Large Civil Aircraft dispute, which removed 25 percent tariffs on Scotch whisky, resulting in huge wins for Scottish producers and exporters.

UK Government Minister for Scotland Iain Stewart said: “We’re delighted to host today’s talks in Aberdeen, marking a positive development in our already strong trade relationship with the US. Improving our partnership will create new high-quality opportunities for businesses in Scotland, including from our thriving food and drink, tech and energy sectors.

“At a time when we face immense global challenges, joining with our friends in the US to lift barriers, improve communication and encourage new and innovative ways of working together will support jobs across Scotland and beyond, benefiting businesses of all sizes.”

Shevaun Haviland, Director-General of the British Chambers of Commerce, said: “The UK and US are natural trading partners. These dialogues are an opportunity to build on that relationship and set new ambitious standards on sustainable trade. In a shifting and uncertain world, we must also take this opportunity to reinforce the resilience of our supply chains and stabilise prices.

“Smaller businesses make up the majority of our membership, and the UK economy, so it’s vital they are given a voice in these talks and that they get to reap the benefits on both sides of the Atlantic.

“Supply chain disruption and soaring inflation have reduced the operating margins of many small firms to almost nothing, so reducing the costs of trade with the US would be a huge boost for them. This would then help communities right across the UK to see the benefits that improved trade with the US could bring.”

Allan Hogarth, Executive Director of the Scottish North American Business Council (SNABC) said: “The SNABC is very much looking forward to participating in the Aberdeen session of the Transatlantic Dialogue, building on the success of the Baltimore session last month.

“These discussions will cover vital areas to the Scottish, UK and US economies – it is a great opportunity to make sure Scottish voices are heard on this, our single biggest export market, and to try and make it simpler for us all to continue to prosper and strengthen the transatlantic relationship for our mutual benefit.”

According to EY’s Attractiveness Survey Scotland, June 2021 , the US was the largest contributor of Scottish FDI projects in 2020. The 38 investment projects originating from the US accounted for 35.5 percent of all projects recorded in Scotland in 2020.

PM: UK – India partnership ‘brings security and prosperity for our people’

  • PM will meet Narendra Modi in New Delhi today for high-level talks on defence, diplomacy and trade
  • UK will work with India to boost security in the Indo-Pacific, including new fighter jet technology, helicopters and collaboration in the undersea battlespace
  • PM will also discuss new cooperation on clean and renewable energy

Prime Minister Boris Johnson will reiterate the vital importance of the UK-India partnership for global peace and security, as he visits New Delhi today [Friday].

He is expected to discuss next-generation defence and security collaboration across the five domains – land, sea, air, space and cyber – in meetings with Prime Minister Narendra Modi, as our nations face complex new threats.

This includes support for new Indian-designed and built fighter jets, offering the best of British know-how on building battle-winning aircraft. The UK will also seek to support India’s requirements for new technology to identify and respond to threats in the Indian Ocean.

To support greater defence and security collaboration with India over the coming decade, the UK will issue an Open General Export Licence (OGEL) to India, reducing bureaucracy and shortening delivery times for defence procurement. This is our first OGEL in the Indo-Pacific region.

Prime Minister Boris Johnson said: “The world faces growing threats from autocratic states which seek to undermine democracy, choke off free and fair trade and trample on sovereignty.

“The UK’s partnership with India is a beacon in these stormy seas. Our collaboration on the issues that matter to both our countries, from climate change to energy 2security and defence, is of vital importance as we look to the future.

“I look forward to discussing these issues with Prime Minister Modi in New Delhi today and working together to deliver a more secure and prosperous future for both our peoples.”

The Prime Minister will also discuss new cooperation on clean and renewable energy in his meetings in New Delhi today, aimed at supporting India’s energy transition away from imported oil and increasing its resilience through secure and sustainable energy, and addressing climate change in both the UK and India.

The UK and India are launching a virtual Hydrogen Science and Innovation hub to accelerate affordable green hydrogen, as well as new funding for the Green Grids Initiative announced at COP26, and collaboration on joint work on the electrification of public transport across India.

As well as boosting our domestic energy and economic resilience, the UK and India are collaborating as a force for good globally. The governments are committing up to £75 million to roll out adaptable clean tech innovations from India to the wider Indo-Pacific and Africa, and working together on international development and girls education.

Mr Johnson’s foreign adventures are doubtless a welcome distraction but they have done nothing to reduce the pressure on him to resign following his lies to Parliament over the Partygate scandal.

The Prime Minister is now to be investigated by a Westminster committee over claims he misled Parliament about parties in Downing Street during lockdown.

MPs yesterday approved the Privileges Committee instigating an inquiry as soon as police have finished their investigation into the gatherings.

Johnson’s government had tried to delay the vote, but were forced into making a U-turn following opposition from its own Tory MPs.

And with the full details of the Sue Gray report still to come, Boris Johnson’s political future is very much still in the balance.