The British government has announced more than 1.25 billion pounds of private American investment in the United Kingdom’s financial services sector before the second state visit to US President Donald Trump.
New American investments are expected to create 1,800 jobs and increase the advantages for millions of customers across the country, said the British government.
The agreement obtains 20 billion pounds of trade between the two nations – including an expected engagement of 7 billion pounds sterling of Blackrock, the largest asset manager in the world.
It is expected to provide more than 8 billion pounds in investment and capital commitments for the United Kingdom, with more than 12 billion pounds sterling that flows in the other direction – creating jobs and opportunities on both sides.
The other companies that should invest include Paypal, Bank of America, Citi and S&P Global.
Bank of America will create up to 1,000 new jobs in Belfast as part of its very first operation in Northern Ireland, the government said.
Citi plans to invest 1.1 billion sterling pounds in its operations in the United Kingdom, while S&P Global will create 200 permanent jobs in Manchester thanks to an investment of 4 million pounds sterling.
“The strengthening of links with the United States stimulates our economy, creates jobs and ensures our role in global finance,” said the Secretary of Affairs and Trade Peter Kyle.
“These investments reflect the strength of our sustainable” golden corridor “with one of our nearest business partners, before the American visit to the presidential state.”
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The Chancellor of Echiquier Rachel Reeves said that the commitment of the main American financial institutions “demonstrates the immense potential of the British economy”, as well as “our solid relationship with the United States”.
The United Kingdom and the United States have accepted an economic agreement “monument” in Maywhich has obtained major prices reductions for key sectors and protected jobs in the automotive and aerospace sectors.
Discussions are underway with the United States on a broader economic agreement in the United Kingdom, aimed at increasing digital trade and strengthening supply chains.
The deputies exhort the pressure on us on prices before Trump’s visit
The deputies urged the government to apply maximum pressure on the United States to obtain a price relief before Donald Trump state visit.
The Commons Affairs and Commerce Committee described the upcoming visit as a crucial opportunity to push the American president to finalize the remaining conditions of the economic prosperity agreement.
While the United Kingdom and the United States concluded a trade agreement in June which lowered car and aerospace export prices to the United States, negotiations on British steel prices remain unresolved, keeping them at 25%.
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The chairman of the committee, Liam Byrne, said that the state visit was “not a simple competition”.
“We cannot escape the truth that Great Britain is now negotiating with its greatest partner in the terms which are worse than the past, the EU has in places where the key sectors of our economy have always been insured.
The Committee also called on the government to finalize the aluminum and pharmaceutical products agreements, ensuring that the terms accurately reflect the dynamics of the United Kingdom supply chain and its transition to low carbon production.
He stressed that the United Kingdom should also use its partnership with the United States to strengthen its position against China in fields such as artificial intelligence and defense technology, while obtaining more resilient supply chains and improved access to critical minerals.
A government spokesman said that the “special relationship” between the United Kingdom and the United States “remains strong” and that “thanks to our trade agreement, the United Kingdom is still the only country to have avoided 50% of steel and aluminum rates”.
“We will work with the United States to implement this historic agreement as soon as possible to offer industry the security they need, protect essential jobs and put more money in the pockets of people,” said the government spokesman, adding: “In addition to welcoming the president during this historic state visit.”