UK-US trade deal may boost economy by 0.16%
3rd March 2020
A post-Brexit trade deal with the US could boost the UK economy by up to 0.16%, according to government estimates.
The Department for International Trade published a 180-page report to outline the UK's stance ahead of trade talks with the US.
A free-trade agreement between the UK and US would "see the UK eliminate import tariffs with the US" and increase trade of services.
Should an agreement be reached, the report claimed it could be worth between £1.6 billion and £3.4bn to the UK economy, compared to 2018 levels.
Trade talks between the UK and US are due to commence later this month, while talks with the EU are pencilled in for April.
Adam Marshall, director-general at the British Chambers of Commerce, said:
"Now that the shadow-boxing is over, firms are impatient for negotiations to begin in earnest.
"Government must ensure business communities are active participants in the negotiations, and must draw on their expertise to shape an agreement that delivers for the whole of the UK."
In January, research from the Federation of Small Business said the US would be the best individual market for UK firms to trade with, although the EU would remain the most important trade bloc over the next three years.
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