The newly revamped Board of Trade convened for the first time to boost exports and grow the economy, following trade agreements with the US, India, and the EU. Led by Business and Trade Secretary Jonathan Reynolds, the Board aims to support British businesses and drive economic growth.
The meeting follows a series of trade breakthroughs, including a deal with the EU to reduce red tape for food and drink exports. The agreement with India is expected to increase bilateral trade by £25.5 billion, benefiting exports of whiskies, gin, cosmetics, medical devices, machinery, and lamb. Improved customs processes and digital systems will facilitate trade for SMEs. A deal with the US is expected to grow on the existing £196 billion in annual exports from the UK, with tariffs slashed on cars and steel.
The Board includes business leaders such as Mike Soutar, Allison Kirkby, and Michelle Ovens CBE, who will serve as ambassadors for British businesses. Reynolds stated that the Board will help businesses access global markets and seize opportunities from trade deals. He highlighted the agreement with India and the US agreement, which has slashed tariffs for steel and automotive sectors.
The Board will advise on the forthcoming Trade Strategy and Small Business Strategy, aligning with the government’s commitment to nationwide economic growth. The UK and India agreed to a trade deal worth £4.8 billion to the UK economy and £2.2 billion to wages every year. The deal signed with the US protects jobs in the automotive, steel, aluminium, pharmaceutical and aerospace sectors, which employ over 320,000 people across the UK.
Omar Ali, Board of Trade Adviser and Global Financial Services Leader at EY, emphasized the need to support UK businesses in the competitive global trade environment. Catherine McGuinness CBE expressed her anticipation to work with the Secretary of State and fellow advisers to encourage the government to use trade levers to drive growth. Michelle Ovens CBE, Founder of Small Business Britain, is excited to work with the Board of Trade to boost exports and grow the economy. The government will launch a major consultation to tackle late payments, while the Budget protected a million small firms from National Insurance increases, extended business rates relief and announced a new Business Growth Service. The agreement laid the groundwork for greater trade in the future as we continue talks for a wider deal which will look to increase digital trade, better access for our world-leading services industries and improve supply chains.