What’s happening? The U.K. edges closer to membership of a Pacific regional trade deal, and a U.S. food giant backs Brexit Britain.
One step closer to shifting Britain’s “economic center of gravity away from Europe towards faster-growing parts of the world.” That’s how U.K. International Trade Secretary Liz Truss framed an agreement by members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to allow Britain to begin the membership process. Truss tweeted that the government will present its plans on the deal to Parliament in the coming weeks.
A trade deal with India would give the U.K. better access to apples and pears and widen the scope for Indian seafarers and nurses to find work in Britain. Those are among the achievable items that could flow from a pact made possible by Britain’s departure from the European Union. It would also allow New Delhi to expand its bilateral ties, people with knowledge of the matter told Shruti Srivastava and Sudhi Ranjan Sen. Unlike many of India’s other trade negotiations, which have lingered for years without an outcome, there’s a strong chance of at least an interim agreement with the U.K. by the end of the year, the people said.
“A strong vote of confidence in post-Brexit Britain” is how Pittsburgh-based food giant Kraft Heinz Co. described its plans to invest £140 million ($198 million) to upgrade its plant in northwest England. The facility will create as many as 50 full-time jobs and align with the U.K. government’s “leveling up” agenda for left-behind regions.
Fed up with what it sees as the U.K.’s unwillingness to meet its obligations in Northern Ireland, the EU has set its sights on a meeting next week to settle differences. European Commission Vice President Maros Sefcovic told the Financial Times he wants a “road map” to resolve trade issues. If the two sides can’t work out a solution, the dispute could end up at the European Court of Justice.
Relations are “really, really bad” between Northern Ireland’s Democratic Unionist Party and the Irish government due to the Northern Ireland Protocol contained within the Brexit agreement. That’s according to the party’s newly elected leader Edwin Poots, who told RTE radio that people in Northern Ireland could be “starved” of medicines and food as a result. He later told an event that the only way to remove the protocol was through the Northern Irish Assembly.
We aim to keep you up to date on how the U.K. navigates the world after Brexit. Got tips or feedback? Email us at firstname.lastname@example.org
Chart of the Week
U.K. consumers were more cautious than German and French peers last year because of concerns over Brexit, lockdowns and job prospects. Adults aged 40 to 49 cut back the most. Alexandre Tanzi and Zoe Schneeweiss chart the impact of Covid-19 on inequalities in the labor market.
Want to keep up?
Get More From Bloomberg
You can find all of our newsletters here, but here are some we think you’d particularly enjoy:
Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and expert analysis.