Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Biden the reason UK missed post-Brexit trade targets claims Badenoch

by January 24, 2024
January 24, 2024
Biden the reason UK missed post-Brexit trade targets claims Badenoch

The Business Secretary Kemi Badenoch has blamed a change in US president for the UK’s failure to hit post-Brexit trade targets.

Badenoch told MPs that Joe Biden’s administration had no appetite for trade deals.

She claimed it was why the government missed a manifesto pledge to strike deals with countries that account for 80% of UK trade by the end of 2022.

The UK has free trade agreements covering 60% of overseas trade.

Appearing before MPs on Tuesday, Ms Badenoch said: “The biggest thing that had an impact on us reaching that goal was the change in administration from President Trump to President Biden.

“The Biden administration decided it was not doing trade deals – with anyone not just us.”

She noted that the US had moved to specific smaller deals in areas like semiconductors and critical minerals. That produced a change in her own strategy, Ms Badenoch said, causing her “to pivot away” from free trade agreements and instead focusing on smaller Memorandums of Understanding which she conceded were not based on enforceable international law.

But the Business Trade Secretary said she remained confident that the UK would reach a target of hitting £1 trillion in exports by 2030.

Liam Byrne, chair of the Business and Trade Select Committee, noted that the Institute of Directors business group had estimated that meeting that goal would require export growth of 3.5% per year.

That compares to a current forecast of 0.1% growth by the Office for Budget Responsibility (OBR), the independent fiscal watchdog.

Faced with questions on the UK’s membership of a wider Trans-Pacific Partnership, known as CPTPP, Ms Badenoch refused to be drawn on whether Britain would support China or Taiwan joining the trade bloc.

It currently includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK already currently has trade deals with nine of the 11 members.

The OBR estimates that membership of the CPTPP trade bloc would boost UK economic growth by 0.04% over the next 15 years.

It has also estimated that the UK’s departure from the EU single market and customs union would mean the UK economy being 4% smaller than it would have been if the UK had not left.

Ms Badenoch stopped short of saying the OBR was “wrong” but said while the government took account of the OBR’s estimates, it thought its estimates were vulnerable to changing economic circumstances and outcomes.

Read more:
Biden the reason UK missed post-Brexit trade targets claims Badenoch

0
FacebookTwitterGoogle +Pinterest
previous post
Almost 4 million yet to file UK tax return due on 31 January deadline
next post
Two top White House strategists to play key roles at Biden re-election campaign

You may also like

What to look out for in Kwarteng’s mini-budget

September 22, 2022

Uber ordered to pay €584,000 in penalties for...

October 5, 2023

Budget ‘weighing on growth’, warns Bank of England

December 20, 2024

Covid loans make UK taxpayers shareholders in cannabis...

August 5, 2022

Beating Content Decay: How to Revitalise Your Company’s...

October 24, 2024

Has Lawrence Stroll Just Bought the Formula One...

September 10, 2024

Sizewell C secures £14.2bn state boost – but...

June 11, 2025

Getting to Know You: Francesco Gurnari, Hair Stylist

October 13, 2022

Transform Your Smile with Dental Implants Newcastle

August 15, 2024

Trinny Woodall Takes Top Honour at Lloyds British...

November 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 9, 2025
    • Hiring Software & JavaScript Developers: Skills, Costs, and Best Practices

      August 9, 2025
    • Rakhi Butani on Skincare, Cooking, and the Power of Balance

      August 9, 2025
    • Jeremy Clarkson warns of ‘catastrophic’ UK harvest as farmers battle extreme weather and rising costs

      August 9, 2025
    • Reform UK urges energy industry to abandon net zero and focus on nuclear and gas

      August 9, 2025
    • British Shoppers flock to EU for tax-free spending as calls grow to reinstate UK scheme

      August 9, 2025

    Categories

    • Business (8,727)
    • Investing (2,191)
    • Politics (16,344)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved