0:00
k star will be gleeful about his latest
0:02
catch in international diplomacy a trade
0:05
deal with the European Union which the
0:07
government hopes will boost the chances
0:09
of higher growth being delivered in an
0:12
agreement that gives EU boats continued
0:14
rights in British seas slashes red tape
0:17
on food checks and increases cooperation
0:19
on defense and migration businesses are
0:22
getting a sense whether this deal may be
0:24
sweet or sound all too fishy as the
0:26
prime minister wrote on a short Tik Tok
0:28
friendly video online Starmer has rolled
0:31
up his sleeves and is putting money back
0:33
in your pocket by securing three deals
0:35
in the space of a fortnight whereas a
0:38
recent trade deal with India was
0:40
estimated to inject 4.8 billion pounds
0:42
into the UK economy by 2040 the new
0:46
agreement with the EU is set to bring in
0:48
9 billion in other words rather than
0:51
adding 0.1% to GDP over 15 years the UK
0:55
economy will see an uplift of
0:57
0.2% this is a mega sum in comparison to
1:00
the Office for Budget Responsibility or
1:02
OBR's heavy and sometimes disputed
1:05
estimate that Brexit has held back UK
1:08
productivity growth by up to 4% of GDP
1:11
the US trade deal did not follow with a
1:13
similar kind of impact assessment with
1:15
agreements made to save sectors hardest
1:18
hit by President Trump's liberation day
1:20
announcements tariffs on steel were
1:22
dropped while 100,000 units of cars
1:24
exported the world's largest economy
1:26
will face tariffs of 10% the summit
1:29
attended by EU and UK officials was
1:32
described as being much more
1:33
consequential by several business groups
1:36
and Chancellor Rachel Reeves herself she
1:39
said before meeting US Treasury
1:41
Secretary Scott Besson that securing an
1:43
agreement with the world's largest
1:45
economic block was arguably more
1:48
important uk exports to the EU were
1:50
valued at 358 billion representing 41%
1:54
of all UK sales to overseas partners the
1:58
EU also accounts for around half of all
2:00
UK imports but trade has slumped since
2:04
Brexit services exports were 18% below
2:07
2019 levels while goods exports to
2:10
non-EU countries have fallen by a
2:12
similar degree so for businesses looking
2:14
for any sign of comfort after some
2:17
turbulent months brought by tax rises
2:19
and tariff threats a deal that cuts some
2:22
red tape on food trade opens up the
2:25
potential for greater investment in
2:26
defense and consolidates taxes on carbon
2:29
and energy may go some way in lifting
2:32
spirits the chief executive of a group
2:35
described as Britain's biggest business
2:36
lobby the Confederation of British
2:38
Industry said the New Deal will help
2:40
ease trade between Great Britain and
2:42
Northern Ireland ray Newton Smith also
2:45
claimed that alignment on food standards
2:47
was a significant win for British
2:49
industries claiming it would reduce
2:51
delays in trade and costs brought by
2:54
extra paperwork this sentiment has been
2:56
echoed by leading executives at the
2:58
British Retail Consortium and the
3:00
Federation of Small Businesses where
3:02
leaders have said agreement will keep
3:04
costs down and enrich British companies
3:07
looking to import cheaper produce or
3:09
export goods to European markets in the
3:12
deal there was little in the way of a
3:13
youth mobility scheme or youth
3:15
experience scheme as the government now
3:17
calls it business London and financial
3:20
services industry group The City UK have
3:23
praised a commitment to easing mobility
3:25
of professionals between the continent
3:27
and Great Britain though little has been
3:29
done so far and they have recognized
3:32
that the government is also facing some
3:34
backlash over its agreement to give the
3:36
EU continued access to British waters
3:39
for another 12 years with the last
3:41
agreement made in 2021 having been due
3:44
to expire in 2026 tory politicians have
3:47
accused Starmer of selling out fishing
3:49
communities in the postrexit age mel
3:52
stride the shadow chancellor said stmer
3:54
had been reeled in by the EU hook line
3:57
and sinker the country land and business
3:59
association said signing up to allow the
4:01
European Court of Justice was a
4:04
necessary surrender of control in all
4:06
there have been some pockets of
4:08
enthusiasm but the deal appears to be
4:10
largely short on detail the National
4:12
Institute of Economic and Social
4:14
Research said in plain terms the
4:16
agreement was unlikely to shift the dial
4:18
in the sense the gains are small
4:20
relative to a wider deal being agreed
4:22
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