The UK is open for business
Listen to article
Kickstarting economic growth is the number one mission of the UK government. We know that this is also a goal that many of our partners, including Pakistan, share and one that can only be delivered by working together.
Britain has always been an outward-looking trading nation with an open and stable economy. But with three new trade deals signed in May, we have taken a major step forward in driving prosperity at home and overseas.
An economic deal with the Trump administration will reduce tariffs across a range of sectors, from steel and aluminium to automotives, and cut costs for businesses operating here in the UK.
And a new agreement between the UK and the European Union will give more certainty to businesses, providing opportunities for companies to expand their operations with some of the UK's closest neighbours.
Our message is simple. We are a trusted partner ready to negotiate constructively. We have one of the largest economies in the world, with cutting-edge businesses, brilliant universities and a talented workforce. And we have an innovative economy embracing new trends like AI.
The UK and Pakistan share a longstanding and evolving trade partnership rooted in mutual opportunity and trust. With over £4.7 billion in bilateral trade, the UK is Pakistan's largest trading partner in Europe.
And it's not just foreign leaders and decision-makers that recognise this. A recent survey of global CEOs ranked the UK as the second most attractive country to invest in. In March, companies from around the world, including Blackstone, Amazon and DP World, collectively committed to invest £63 billion in the UK at the Global Investment Summit.
It is as a result of this work that just last month, the UK's growth rate was upgraded to the highest within the G7.
And we're building on these strengths. Earlier this year the UK announced £13 billion of capital investment over the next five years to deliver the projects needed to catalyse private investment, boost growth and drive forward the UK's modern industrial strategy. This follows £100 billion of capital investment announced last autumn.
We are also ripping up unnecessary regulation to cut the administrative costs on business by a quarter over the next five years. And soon we will unveil a new Industrial Strategy which will give businesses even greater confidence to invest and expand in the UK.
There are already several businesses from Pakistan in the UK, including firms like Abacus. A leading tech consulting firm, Abacus exemplifies the potential of cross-border enterprise, showcasing how Pakistani innovation and British collaboration can fuel shared prosperity. But with the offer of certainty, stability and simplicity, we will give more firms the confidence to expand and invest in the UK.
The US and EU both recognised the huge potential of a closer trading relations with the UK under this government. And they are not the only examples. The UK is now an active member of CPTPP after becoming the first European member earlier this year. We're also building new partnerships with the emerging markets of the future.
These deals are just the beginning. Our diplomats and trade negotiators have sent a signal — the UK is open for business.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
42 minutes ago
- Business Recorder
European shares flat as investors cautious ahead of US jobs data
European shares were little changed on Friday, as investors refrained from placing major bets ahead of crucial U.S. jobs data, with persistent trade tensions adding to the uncertainty. The pan-European STOXX 600 held its ground at 551.9 points, as of 0709 GMT, though the index remained on track for a second consecutive weekly gain, if momentum holds. A monthly reading of U.S. non-farm payrolls will set the tone for the day, and help investors gauge how the Federal Reserve could navigate this uncertain trade environment. U.S. President Donald Trump doubled tariffs on steel and aluminum imports earlier this week, escalating trade tensions. European shares edge higher ahead of ECB policy decision Following this, the Trump administration requested countries to submit their best offers by Wednesday, but markets have yet to see any concrete outcomes. The ECB's anticipated interest rate cut on Thursday was largely overshadowed by President Christine Lagarde's signals that the central bank is approaching the end of its easing cycle, prompting investors to scale back expectations for further cuts. Shares of sportswear retailers Adidas and Puma ( opens new tab slipped nearly 1% and 1.5%, respectively, after U.S. peer Lululemon Athletica cut its annual profit forecast.
Business Recorder
an hour ago
- Business Recorder
Musk-Trump breakup puts $22bn of SpaceX contracts at risk, jolting US space program
WASHINGTON: About $22 billion of SpaceX's government contracts are at risk and multiple U.S. space programs could face dramatic changes in the fallout from Elon Musk and President Donald Trump's explosive feud on Thursday. The disagreement, rooted in Musk's criticism of Trump's tax-cut and spending legislation that began last week, quickly spiraled out of control. Trump lashed out at Musk when the president spoke in the Oval Office. Then in a series of X posts, Musk launched barbs at Trump, who threatened to terminate government contracts with Musk's companies. Taking the threat seriously, Musk said he would begin 'decommissioning' SpaceX's Dragon spacecraft used by NASA. Hours later, however, Musk appeared to reverse course. Responding to a follower on X urging him and Trump to 'cool off and take a step back for a couple of days,' Musk wrote: 'Good advice. Ok, we won't decommission Dragon.' Still, Musk's mere threat to abruptly pull its Dragon spacecraft out of service marked an unprecedented outburst from one of NASA's leading commercial partners. Under a roughly $5 billion contract, the Dragon capsule has been the agency's only U.S. vessel capable of carrying astronauts to and from the International Space Station, making Musk's company a critical element of the U.S. space program. The feud raised questions about how far Trump, an often unpredictable force who has intervened in past procurement efforts, would go to punish Musk, who until last week headed Trump's initiative to downsize the federal government. SpaceX will not decommission Dragon, Musk says If the president prioritized political retaliation and canceled billions of dollars of SpaceX contracts with NASA and the Pentagon, it could slow U.S. space progress. NASA press secretary Bethany Stevens declined to comment on SpaceX, but said: 'We will continue to work with our industry partners to ensure the president's objectives in space are met.' Musk and Trump's tussle ruptured an extraordinary relationship between a U.S. president and industry titan that had yielded some key favors for SpaceX: a proposed overhaul of NASA's moon program into a Mars program, a planned effort to build a gigantic missile defense shield in space, and the naming of an Air Force leader who favored SpaceX in a contract award. Taking Dragon out of service would likely disrupt the ISS program, which involves dozens of countries under a two-decade-old international agreement. But it was unclear how quickly such a decommissioning would occur. NASA uses Russia's Soyuz spacecraft as a secondary ride for its astronauts to the ISS. Spacex's rise SpaceX rose to dominance long before Musk's foray into Republican politics last year, building formidable market share in the rocket launch and satellite communications industries that could shield it somewhat from Musk's split with Trump, analysts said. 'It fortunately wouldn't be catastrophic, since SpaceX has developed itself into a global powerhouse that dominates most of the space industry, but there's no question that it would result in significant lost revenue and missed contract opportunities,' said Justus Parmar, CEO of SpaceX investor Fortuna Investments. Under Trump in recent months, the U.S. space industry and NASA's workforce of 18,000 have been whipsawed by looming layoffs and proposed budget cuts that would cancel dozens of science programs, while the U.S. space agency remains without a confirmed administrator. Trump's nominee for NASA administrator, Musk ally and billionaire private astronaut Jared Isaacman, appeared to be an early casualty of Musk's rift with the president when the White House abruptly removed him from consideration over the weekend, denying Musk his pick to lead the space agency. Trump on Thursday explained dumping Isaacman by saying he was 'totally Democrat,' in an apparent reference to reports Isaacman had donated to Democrats. Isaacman has donated to some Republican but mostly Democratic candidates for office, according to public records. Musk's quest to send humans to Mars has been a critical element of Trump's space agenda. The effort has threatened to take resources away from NASA's flagship effort to send humans back to the moon. Trump's budget plan sought to cancel Artemis moon missions beyond its third mission, effectively ending the over-budget Space Launch System rocket used for those missions. Trump, Musk feud explodes with threats of cutting contracts, backing impeachment But the Senate Commerce Committee version of Trump's bill released late on Thursday would restore funding for missions four and five, providing at least $1 billion annually for SLS through 2029. Since SpaceX's rockets are a less expensive alternative to SLS, whether the Trump administration opposes the Senate's changes in the coming weeks will give an indication of Musk's remaining political power. SpaceX, founded in 2002, has won $15 billion of contracts from NASA for the company's Falcon 9 rockets and development of SpaceX's Starship, a multipurpose rocket system tapped to land NASA astronauts on the moon this decade. The company has also been awarded billions of dollars to launch a majority of the Pentagon's national security satellites into space while it builds a massive spy satellite constellation in orbit for a U.S. intelligence agency. In addition to not being in U.S. interests, former NASA Deputy Administrator Lori Garver said canceling SpaceX's contracts would probably not be legal. But she also added, 'A rogue CEO threatening to decommission spacecraft, putting astronauts' lives at risk, is untenable.'
Business Recorder
an hour ago
- Business Recorder
Trump-inspired Cantonese opera in Hong Kong aims to bring love and peace
HONG KONG: In a Cantonese opera inspired by U.S. President Donald Trump, a Chinese actor donning a blond wig spars on a Hong Kong stage with a man playing a double of Ukrainian President Volodymyr Zelenskiyy - ridiculing his outfit and firing a water gun at him. The sold-out show, 'Trump, The Twins President', was performed in the territory's Xiqu Theatre as Trump and Chinese President Xi Jinping held a one-hour-long call on Thursday. Written by Edward Li, a Feng Shui master-turned-Cantonese opera playwright, the comedy made its Hong Kong debut in 2019. The three-and-a-half hour show has been through several iterations since with the latest version featuring Trump's attempted assassination and his quarrel with Zelenskiy in the White House. Cantonese opera is a centuries-old Chinese art form blending singing, acting, martial arts, and elaborate costumes, and is traditionally performed during special occasions. Li's latest production begins with a dream by Trump's daughter, Ivanka, where her father has a twin brother named Chuan Pu, living in China. When Trump is kidnapped by aliens from Mars, Ivanka asks Chuan to pretend to be Trump for a day. In another act, Trump has a dramatic fight with Zelenskiyy's presidential double over his clothing in the White House, and shoots him with a water gun from Chinese online shopping site Taobao while Zelenskiy pretends to have been shot. The actors perform against a backdrop of photos from the actual events. Li said he chose Trump as the main character because his tariffs and policies had affected everyone's daily life. 'I think this opera is quite a special medicine for the whole world,' Li said. 'If people see this opera they will feel very happy because they think of love and peace.' Cantonese opera actor Lung Koon-tin, who portrayed Trump, said the U.S. president was unique. 'He increased tariffs and made the whole world speak out.' What to watch this June: 'Titan: The OceanGate Disaster' Lung said China and the U.S. should be good friends. 'We are Chinese and he is American, but friendship always lives long. That's why we talk about Sino–U.S. friendship in the play.' The audience erupted in laughter throughout the performance, breaking into enthusiastic applause at the end. Many of them were younger people, including 28-year-old Thomas Lo. He said that modern youth often felt disconnected from traditional Cantonese opera but the Trump-themed show, infused with contemporary events, offered a refreshing twist. 'It's fun and really something special,' Lo said.
