UK and US forge a strong alliance to safeguard people and economies, states Rishi Sunak. PM Sunak prioritizes economic collaboration during his visit to Washington DC.
PM Rishi Sunak says on his way US
When I think of America, I think of opportunity, enterprise and freedom – values the UK share.
We’ve always worked in lockstep to protect our people.
Now the UK and the US need to build an alliance that also protects our economies.
That’s my focus as I head to Washington DC.
In an era defined by evolving global challenges and growing economic coercion, the UK and the US find themselves at a pivotal moment in their alliance. As Prime Minister Rishi Sunak embarks on his visit to Washington DC, his message to US lawmakers and businesspeople is clear: Economic and defence cooperation must be the two pillars that fortify the UK-US alliance.
Drawing attention to the longstanding defence partnership that has safeguarded their respective populations for decades, PM Sunak asserts extensive collaboration on economic issues. Which will be pivotal in securing the safety and prosperity of their citizens well into the next century. Hostile states have increasingly resorted to economic coercion, manipulating global markets, and withholding vital resources. In addition, seeking to gain control over the industries that will shape the future. To counter these threats effectively, cooperation on economic security must be as robust as their collaboration on traditional security.
UK-US Alliance Seizes Opportunities for Growth and Security
The existing strength of the UK-US economic relationship positions both nations ideally to confront these challenges together. With a trade relationship worth £279 billion annually and over £1 trillion invested in each other’s economies. The interdependence between the two countries is significant. Notably, US firms have recently committed over £14 billion in new investments in the UK. A testament to the confidence in the bilateral economic ties. These investments will stimulate job creation, with nearly 2,500 new positions expected to emerge across various sectors.
Beyond these individual investments, the overall economic connections between the UK and the US are extensive. Major acquisitions, such as US company Nuveen’s acquisition of Arcmont Asset Management for £800 million. And the establishment of a £1.5 billion life sciences and innovation real estate fund by Longfellow, demonstrates the scale of economic cooperation. Since assuming office, the total value of major investments by US companies into the UK has reached nearly £17 billion. Moreover, indicating a strong foundation for further collaboration.
Given the interlinking of their economies, with millions of people employed by American and British companies across the Atlantic. A unified and coordinated approach is paramount. Prime Minister Sunak’s visit to the US serves as an opportunity to drive forward joint efforts in safeguarding their economies against external threats, fortifying supply chains, and supporting future industries. Through his meetings with President Biden, Congresspeople, and American business leaders, he will advocate for further collective action, leveraging the combined economic resources and expertise of both nations.
A Path to Growth, Innovation, and Prosperity
The Prime Minister emphasizes that just as interoperability between their militaries has provided a battlefield advantage over adversaries, enhanced economic interoperability will yield a crucial edge in the years to come. By capitalizing on their vast economic resources and expertise, the UK and the US can foster economic growth, job creation, and long-term security for their people.
Moreover, a re-energized and enhanced economic relationship between the two nations presents tremendous opportunities, aligning with the Prime Minister’s priority of growing the UK economy and creating better-paying jobs. As advancements in science and technology continue to reshape industries, closer collaboration between the UK and the US will unlock new possibilities, ranging from cost reductions to expedited transitions to clean energy.
In recent years, both countries have taken significant steps to enhance their economic relationship, including the removal of barriers such as the ban on British beef and lamb exports, as well as tariffs on steel and whisky. Furthermore, recent agreements, such as providing architects greater access to US markets, exemplify the commitment to deepening economic integration.
The imperative to strengthen the UK-US alliance through comprehensive economic and defence cooperation cannot be overstated. It is a strategic necessity in an ever-changing world where the well-being and prosperity of its citizens are at stake. By forging a unified front, the UK and the US can navigate the challenges ahead. Capitalizing on their shared values, opportunities, and strengths.