New UK trade minister visits United States in first trip overseas
LONDON, Sept 28 (Reuters) - Britain's new trade minister Kemi Badenoch will visit New York on Wednesday in her first overseas trip, where she will stress the importance of the United States as a trading partner even as talks over a free trade deal between the countries are blocked.
Liz Truss, who became prime minister this month, has said that Britain is not prioritising a free trade deal with the United States "in the short to medium term".
Truss, herself a former trade minister, had previously highlighted such a deal with the United States as a key opportunity of leaving the European Union.
Badenoch will highlight the importance of U.S. investment in Britain even in absence of a free trade agreement.
"The US is our single most important trade, defence and security partner," Badenoch will say at the Atlantic Future Forum, a conference hosted by Britain aboard HMS Queen Elizabeth in New York Harbour.
"The UK is a low-tax, high-talent, innovation nation and I will show America's biggest companies that we are ready to be their investment partner of choice."
It is now cheaper for Americans to invest in Britain than it was, with sterling down more than 7% against the dollar so far this month. Investors have baulked at Truss' plans for unfunded tax cuts, while the U.S. Federal Reserve has been more aggressive in raising rates than the Bank of England.
The trade ministry said Britain will continue to talk to U.S. states about memorandums of understanding on trade, aiming to do deals with Oklahoma and South Carolina in the coming months. The MOUs have been criticised by government opponents as having little economic impact.
During the two-day trip, Badenoch will also talk to her U.S. counterpart, Trade Representative Katherine Tai, and meet New York based investors.
Reporting by Alistair Smout; Editing by Angus MacSwan
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.