UK talks multi-billion pound free trade deal with China

Chancellor Philip Hammond has begun talks with China on a free trade deal and has “no doubt” that Britain will strike a deal.

Talks have begun between Chancellor Philip Hammond and China on an ambitious free trade deal, with Hammond saying he has “no doubt” that Britain will be able to strike a free trade deal, hailing “more opportunities” for Britain outside the EU.

“What we now need to do is get on with it in a way that minimises the economic impact on the UK economy in the short term and maximises the benefit in the long term,” Mr Hammond said,

“The mood music that I have heard here is very much that this will mean more opportunity for countries like China that are outside the European Union to do business with Britain.

“And as Britain leaves the European Union and is not bound by the rules of the European Union perhaps it will be easier to do deals with Britain in the future.”

“We already have a strategic partnership with China. We have hugely increased our trade with China, investment both by British companies into China and by Chinese entities into the UK.

Earlier this month, Chinese state media reported that the Chinese Ministry of Commerce wants to do a UK free trade deal, with Mr Hammond revealing that Britain is also very interested.

If a deal is made between the UK and China, it will be the first time that the UK has embarked on such a major project with the second largest economy in the world.

As part of the deal, China would reduce barriers to Britain’s service industries like banking and insurance as well as UK goods and in return get greater access to the UK for its manufactured products and investment.

 

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