BritishAmerican Business has released the following statement on the UK election which has delivered a hung parliament.
The next UK Government is charged to deliver one of the greatest political and legislative challenges of our time: Defining a new relationship between the United Kingdom (UK) and the European Union (EU).
Our members represent major British and leading American firms, the latter accounting for the largest source of Foreign Direct Investment (FDI) in the UK. The majority of our members wished to see the UK remain a part of the EU – the world’s largest trading block. Our members have therefore a huge stake in the outcome of Brexit negotiations. In the light of the British people’s decision we are committed to help building a fair, competitive and global Britain, in partnership with the EU and other countries in the world.
Delivering clarity on Brexit negotiations
To ensure that the UK remains an attractive place to live, work and invest in, it is imperative that the new UK Government delivers clarity as to when and how it wants to proceed with the Brexit negotiations. The outcome of the negotiations needs to ensure that it supports British business’ trade in goods, services and data flows, secures US investment and investment-related jobs in the UK and creates the conditions that promotes the UK as an attractive destination for investment going forward.
BritishAmerican Business appreciates the previous UK Government and Departments efforts in addressing our member’s concerns and priorities. Now, with the first negotiation round in sight, we urge the new Government to show its promised openness to find practical, reasonable solutions to the complexity of issues that Brexit entails, and sufficient time for businesses to adjust. Our overall call for the new UK Government remains that the period of uncertainty needs to be as short as possible.
Ensuring a strong and sturdy UK economy now and post-Brexit
A strong UK economy is important for business, workers and consumers; and it is a crucial factor in ensuring a strong role for the UK during the negotiations with the EU.
The next Government’s objective needs to create an even more competitive business environment, particularly through a smart and encouraging tax system, investment in infrastructure, an immigration system that allows our companies to attract the skilled talent they need, and a focus on trade and investment and the delivery of a comprehensive Industrial Strategy, among others.
US-UK Economic Relationship as a source of strength and opportunity
The UK-US economic relationship stands for unparalleled business ties across the Atlantic. The US is the number one export destination for the majority of UK regions and nations. UK firms continue to grow and expand into the US. US firms employ more than one million workers in the UK.
There has never been a better opportunity to relaunch and strengthen the UK-US economic relationship as a source of strength and opportunity. We are excited about the shared commitment expressed by the political leaders to explore future options of further economic integration.
Even during the complex Brexit negotiations, much can be done to offer more opportunities for UK and US firms in each other’s markets. We encourage the next UK Government to continue efforts to open a formal dialogue on the future of the UK-US trade and investment relationship; meant to provide short- and mid-term options that can help to foster UK-US trade in goods and services, too deepen investment, and to explore options for formal trade arrangements in the future that can work in partnership with the EU and other countries.
BritishAmerican Business will be launching its detailed transatlantic Policy Agenda 2017/18 in September 2017.