London to benefit from recent trade deals
London’s top job creators including Diageo are set to benefit from the UK’s trade deals with India, the US and EU that slashes tariffs and boosts international trade.
- Prime Minister to meet with the Mayor of London Sadiq Khan to discuss the benefits of his recent trade deals.
- Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
- Delivers mayor boost to job creators like Diageo that supports 100,000 jobs.
London’s top job creators including Diageo are set to benefit from the UK’s trade deals with India, the US and EU that slashes tariffs and boosts international trade.
The deals negotiated by the Prime Minister deliver long-term certainty for London-based firms like Diageo that supports 100,000 jobs throughout its value chain.
The agreement also opens the way for London’s AI sector, that is currently worth £8.4 billion and employs 38,000 people in the city to grow - the first priority of our Plan for Change.
Prime Minister Keir Starmer said:
The trade deals that we have closed delivers stability, security and opportunities for firms across London.
It also will create opportunities for seamless trade with our key international partners, attracting investment into the capital, that will grow the economy and make a difference to Londoners.
These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across London.
45,592 people employed in agriculture in the Greater London and the South East of England region will also benefit from our deal with the EU. It means less checks and red tape, meaning that food and drink exported from the capital has easy access to the UK’s biggest trading partner.
The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.
He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.
Business and Trade Secretary Jonathan Reynolds said:
The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.
We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in the capital, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.
Rohan Malik, EMEIA and UKI Government & Public Sector Managing Partner, EY said:
This agreement is poised to accelerate an economic partnership that is already thriving, with the value of total trade between the UK and India having more than doubled from £16.6 billion to £40 billion over the last decade.
British business stands to benefit substantially from enhanced access to one of the world’s largest export markets and a skills pool that can fuel strategically important UK sectors, including professional services and emerging industries based around data and AI.
Our increased trade with India will unlock opportunities for every part of the UK – including Greater London.
It delivers a major boost to London based firms like Diageo, that supports 100,000 jobs by opening up iconic UK spirits to the world’s fastest growing economy.
Both deals deliver significant benefits for London’s financial services hub, with the capital home to firms like EY who provide services to more than 150 countries and territories.
We will also support the cutting-edge AI sector in the capital - that has 52% of all firms nationwide, contributes £8.4 billion and supports 38,000 jobs by removing red tape for firms trying to export to the US and putting rocket boosters on the sector that already contributes so much to the UK economy.
Just this week the Prime Minister acted in the national interest by confirming a new agreement with the EU that will deliver on our core mission to grow the economy, creating more jobs in Greater London and putting more money in people’s pockets.
At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.