CBI: The UK has to muscle its way into an EU-US trade deal
Reuters
British businesses are the biggest investors in the US economy, pumping in $449 billion (£342 billion) and supporting more than 1 million jobs.
The UK invested $76 billion more than Japan - the next largest investor - and nearly $200 billion more than Canada, which shares a border with the US.
The CBI is pushing for the UK to join the Transatlantic Trade and Investment Partnership (TTIP), which is a huge free trade deal between the US and European Union.
The group is concerned that the UK's vote to leave the EU could result in Britain's economy missing out on the TTIP deal and free trade benefits with the US.
The UK represented 15% of the $2.9 trillion of foreign direct investment in America last year, the CBI said, while Indian and Chinese investment combined did not make 1%, according to the CBI figures.
Here is the breakdown in a handy chart from the CBI:
CBI
The UK is struggling to find its economic place in the world following the Brexit vote because the EU is the biggest consumer of UK services exports. On Thursday, the Institute for Fiscal Studies said losing membership of the European Union's Single Market could cost the UK 4% of economic output.
The fallout could weaken the government's finances, requiring a budget tightening of as much as £39 billion ($50.8 billion) in a worst-case scenario, the IFS said, adding two years onto policies of austerity.
Ben Digby, the CBI's international director, said: "As the Government negotiates our exit from the EU, a clear strategy will be needed to boost trade with partners, old and new, across the globe. Markets should be carefully prioritised, in consultation with business, to lay the foundations for deep and comprehensive future trade and investment relationships, and the USA must be at the top of that list."
"The UK stood to be up to £10 billion a year better off upon implementation of the Transatlantic Trade and Investment Partnership between the USA and the European Union, so the Government should also explore the possibility of joining the final deal, as a third party," Digby said.
- As Ilya Sutskever announces OpenAI exit, here’s a quick recap of his involvement in Sam Altman's firing last year
- DHFL scam, simplified: Here’s all about the Dheeraj Wadhawan case — allegedly India’s biggest banking loan fraud ever
- India-UK trade pact: Work in progress to resolve pending issues
- 5 most colourful mountains in the world
- Vivo takes the top spot in India: Top smartphone brands in Q1 2024
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market