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Written question asked by Jim Shannon (Democratic Unionist Party) on Thursday, 3 February 2022, in the House of Commons. It was due for an answer on Monday, 7 February 2022. It was answered by Penny Mordaunt (Conservative) on Friday, 11 February 2022 on behalf of the Department for International Trade.

Trade Agreements: USA

Question

To ask the Secretary of State for International Trade, what recent assessment she has made of the potential effect of a UK-US free trade agreement on living standards for households across the UK.

Answer

A UK-US Free Trade Agreement (FTA) could have a significant positive impact on living standards for households across the UK due to potential wage rises combined with lower prices for goods imported from the US. The Department for International Trade (DIT) analysis published in 2020 shows that an ambitious FTA with the US could deliver a £15.3 billion increase in bilateral trade and a £3.4 billion lift to the UK economy. DIT’s analysis also suggests productivity gains from a UK-US FTA could contribute to wage increases of up to £1.8 billion for UK workers in the long run.

Further detail can be found in the report on https://www.gov.uk/government/publications/the-uks-approach-to-trade-negotiations-with-the-us

Secondary information

Type
Written question
Reference
117785
Session
2021-22
Subjects
Trade agreements USA Standard of living
Link
View this Written question on www.parliament.uk