Trade Agreements: USA

Department for International Trade written question – answered on 11th February 2022.

Alert me about debates like this

Photo of Jim Shannon Jim Shannon Shadow DUP Spokesperson (Human Rights), Shadow DUP Spokesperson (Health)

To ask the Secretary of State for International Trade, what recent assessment she has made of the potential effect of a UK-US free trade agreement on living standards for households across the UK.

Photo of Penny Mordaunt Penny Mordaunt The Minister of State, Department for International Trade

A UK-US Free Trade Agreement (FTA) could have a significant positive impact on living standards for households across the UK due to potential wage rises combined with lower prices for goods imported from the US. The Department for International Trade (DIT) analysis published in 2020 shows that an ambitious FTA with the US could deliver a £15.3 billion increase in bilateral trade and a £3.4 billion lift to the UK economy. DIT’s analysis also suggests productivity gains from a UK-US FTA could contribute to wage increases of up to £1.8 billion for UK workers in the long run.

Further detail can be found in the report on https://www.gov.uk/government/publications/the-uks-approach-to-trade-negotiations-with-the-us

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.