Trade Negotiations

Lord Mountevans Excerpts

Wednesday 14th May 2025 Lords Chamber

[Baroness Jones of Whitchurch (Lab)]

My Lords, I agree with my noble friend that the Prime Minister has played a brilliant role in all this and got one of the best deals that has been negotiated anywhere around the world, so we absolutely give him all the credit due for that. My noble friend asked whether this is the beginning or the end. This deal marks only the beginning. We are continuing to talk on the wider UK-US economic deal that will look at increasing digital trade, access for our world-leading service industries and improving supply chains. The US has committed to further negotiations, including on the 10% tariffs introduced on 2 April across our economy. The Government will continue to act in Britain’s national interest for workers, businesses and families.

[Lord Mountevans (CB)]

My Lords, following the Minister’s comments about the next phase, financial and professional business services are Britain’s leading industry here in London but with two-thirds of the jobs overseas. On the goods agreement so far, some £59 billion-worth were exported to the USA in 2024, while £119 billion of services were exported to the USA in 2023. This is potentially a moment of great opportunity for the United Kingdom in financial and professional business services. We have a unique position between the USA and Europe, and we can have a great platform here as an independent, neutral and very powerful player in this space. With our shared roots in common law with the United States, this is also a strong opportunity for us, so can Minister assure us that financial and professional business services will be a central part of the agenda as we move forward to the next stage?

[Baroness Jones of Whitchurch (Lab)]

The noble Lord makes a vital point. It is very much an area where we can have shared benefit. The trade strategy is aimed at achieving long-term, sustainable, inclusive and resilient growth throughout trade, supported by a rigorous economic and geopolitical analysis that will set out how we can take some of these issues forward. The noble Lord is right about the contributions that we can make to the US and the contributions that it can make to us. I think that the leaders of both countries understand that we have joint benefits in common, and I am absolutely convinced that we can take these issues forward and make further trade deals on that basis.