Welcome to the July BABN Policy and Trade Update.

The month of June was certainly marked by the major announcement made by UK Prime Minister Rishi Sunak, who called a General Election on 4th July. Parliament is currently dissolved, and the main parties have now released their manifestos, which can be found below. BAB is following the election closely and will start engaging with new MPs as soon as they are in post.

June was an important month for BAB and the wider network as BAB released the new edition of the Trade and Investment Guide to the US, a paper on the progress of the Atlantic Declaration, and a progress report on the commercial environment for life sciences in the UK. Read on for more details on these.

Further, June also saw the announcement of the winners of the 2024 Transatlantic Growth (TAG) Awards, an annual campaign that celebrates the outstanding achievements of businesses that drive transatlantic trade and investment between the US and UK.

See below for a breakdown of policy and trade headlines and our published works..

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UK General Election Announcement

4 July 2024

What happened: On 22 May, the UK Prime Minister Rishi Sunak called a general election for Thursday 4 July 2024.

What this means: Parliament was prorogued on 24 May and dissolved on 30 May, entering a period called "purdah". This means that government activity is restricted during this period. All the main manifestos have now been released.

Read the main party manifestos:

• Labour
• Conservative
• Liberal Democrats
• Green Party
• SNP
• Plaid Cymru
• Reform

Trade and Investment Guide to the US

6 June 2024

What it is: BritishAmerican Business (BAB) has now launched the latest version of its annual Trade and Investment Guide, the most comprehensive resource for British companies seeking to expand their business in the US.

In summary: Whether it’s fintech in Florida, energy solutions in Texas, electric vehicles in Indiana or creative industries in California, the Trade and Investment Guide is a crucial resource for UK companies looking to explore the vast opportunities the US has to offer.

The US is not one, but 50 different markets, each with unique clusters and attributes. This Guide offers invaluable insights into the size and scale of the opportunities across the US, helping UK companies make the right investment decisions.

The Guide provides practical advice on all the issues companies must consider when expanding, from financial planning to logistics, legal services, and immigration. It provides information on the services offered by governments, economic development agencies, leading associations, and networks to help UK companies be successful in the US. 

BAB’s new Guide also explores how businesses can tap into the opportunities presented by the Memoranda of Understanding on trade and investment signed between the UK and the US states of Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington State, Florida, and Texas.

Where to read: You can find our guide here. You are also welcome to pick up a hard copy of the guide from one of our offices in London, New York, or Washington DC.

Want to learn more: Please contact Francesca Lentini (London) (flentini@babinc.org) for feedback or questions on the guide.

Atlantic Declaration RAG Review

7 June 2024

What it is: 8th June 2024 marked the one-year anniversary of the signing of the Atlantic Declaration, a major agreement between the US and the UK designed to set a framework for a twenty-first century US-UK economic partnership. BAB’s new RAG (Red, Amber, Green) report, released to mark the one-year milestone, analyses the progress made to-date and shows mixed results.

In summary: The report highlights that in the twelve months since the Atlantic Declaration was signed, only half of the commitments have been achieved. Overall, eight of the commitments have been assigned a green rating, six are rated amber and two have been flagged as red.

The ratings reveal strong progress in aerospace and defence as well as positive collaboration in AI, data regulation and future facing technologies. BAB is also pleased that the first action plan meeting took place in Washington DC last month as well as the inaugural Strategic Technologies Investor Council meeting, suggesting both governments are keen to maintain momentum.

However, concerns remain around the other items in the Declaration, where progress has been minimal or non-existent, including the Critical Minerals Agreement and convening the government-to-government meeting of the Comprehensive Dialogue on Tech & Data.

In its report, BAB encourages both governments to continue implementing the commitments and calls on the US and the UK governments to prioritise those that could have the biggest impact, as well as the greatest chance of success. This includes continuing to develop a workplan on critical and emerging technologies, as well as making more visible progress with the Joint Action Group on Energy Security and Affordability.

Where to read: You can read the full report here.

Want to learn more: Please contact Francesca Lentini (London) (flentini@babinc.org) for feedback or questions on the paper.

Life Science Review

27 June 2024

What it is: BAB's new report, 'Revitalising the UK's Life Sciences Sector - Charting Progress to Improve Commercial Competitiveness', assesses the state of the commercial environment for the UK life sciences sector and calls for continued government intervention to strengthen the UK’s competitive edge.

In summary: The report provides a comprehensive update on the progress made one year on from BAB’s UK life sciences white paper, published in May 2023. It offers targeted recommendations to policymakers which seek to address sectoral issues across three areas: Commercial Environment, Clinical Trials, and Trade & IP.

Over the past few years, both private and public stakeholders have recognised the declining vibrancy of the UK's life sciences sector. The report reveals cautious optimism about the sector's recovery. While there are signs of progress, including improved regulatory performance for clinical trials and bright spots of investments at both the public and private level, significant challenges remain, particularly in ensuring downstream access for innovative drugs and technologies to reach patients and caregivers.

Where to read: You can read the full report here.

Want to learn more: Please contact Nikki Hewett (nhewett@babinc.org) for feedback or questions on the paper.

BAB TAG Awards

6 June 2024

Overview: BritishAmerican Business is delighted to announce the winners of the 2024 Transatlantic Growth (TAG) Awards, an annual campaign that celebrates the outstanding achievements of businesses that drive transatlantic trade and investment between the US and UK.

Now in its sixth year, the TAG campaign highlights the inspiring stories of businesses from SMEs to MNCs that underpin the transatlantic trade and investment relationship, creating growth, prosperity, and jobs on both sides of the Atlantic.

Recognised at an awards reception in London on 6th June, this year’s winners represent a diverse array of industries, showcasing the innovative spirit and relentless pursuit of growth that defines the transatlantic business community.

Winners:

• US SME Growth & Investment in the UK: Stax
• UK SME Growth & Investment in the US: Tower Cold Chain
• US Midsize Growth & Investment in the UK: CFGI
• UK Midsize Growth & Investment in the US: Drax
• US Large Corporate & Long-Term Investment in the UK: Mars
• UK Large Corporate & Long-Term Investment in the US: BAE Systems

Want to learn more: See our full press release here.

SelectUSA Investment Summit

23-26 June 2024

Overview: The SelectUSA Investment Summit returned to National Harbor, Maryland at the end of June to establish new connections and opportunities to grow through investing in the US.

More detail: The Summit is the highest profile event in the US to facilitate business investment by connecting thousands of investors, companies, economic development organisations (EDOs), and industry experts. The event provides a platform to connect with representatives from 50+ states, 80+ markets, and to gather advice from policy and business experts.

BAB presence: The US Embassy in London, in partnership with BAB, led a delegation of UK companies to the Summit. BAB UK Executive Director, Alice Mount, represented BAB as part of the delegation.

Global Trade Outlook: Time to Redefine Free Trade?

8 July 2024, 11:00 am - 12:00 pm EDT | 4:00 pm - 5:00 pm BST

Overview: BAB, in partnership with the AIG Global Trade Series, will be hosting a virtual event exploring scenarios for trade and economic policy post-election, including;

• Whether trade deals still worth pursuing?
• Are new forms of economic cooperation such as the Atlantic Declaration signed in 2023 the future? 
• What are the chances for a US-UK FTA?
• Do we have to re-define the concept of free trade all together? 

More detail: Trade as a percentage of global GDP is continuing to rise, but conventional trade patterns are changing. Driven by security challenges and domestic interests, trade policy increasingly becomes an extension of domestically focused industrial policy, exemplified by President's Biden worker-centric trade policy, but also former President Donald Trump's proposal to impose a general 10% tariffs on imports. Questions arise now on if and how economic leadership and trade need to be re-imagined. This event will examine this topic in the context of both the US and UK.

Speakers: Moderated by Rem Korteweg, Senior Research Fellow/Head of Strategic Initiatives, Clingendael Institute, the event will see panellists such as Matthew P. Goodman, Fellow & Director of the Greenberg Centre of Geoeconomic Studies, Council Foreign Relations; Jennifer Hillman, Professor of Practice, Georgetown University Law Centre; and Peter Harrell, Nonresident Scholar, American Statecraft Program, Carnegie Endowment for International Peace.

How to register: Click here to register for the event, which will be hosted on Zoom.