Source · Select Committees · Business and Trade Committee
Recommendation 19
19
Accepted
Commence Industrial Strategy Council use to craft ambitious vision for US-UK trade cooperation.
Recommendation
Further negotiations could benefit from being mission-focused, in order to avoid the pit-falls of ad-hoc zero sum negotiations. This should include, for example, fostering deeper integration of US and UK science, research and universities communities and convening the investment community to understand where potential new investment is greatest. The Government should commence use of the Industrial Strategy Council to convene business and industry partners and craft an ambitious vision for future US-UK trade cooperation. (Recommendation, Paragraph 105)
Government Response Summary
The government highlights that the Tech Prosperity Deal already fosters integration of science and technology communities, and mentions the Industrial Strategy Advisory Council was formed in December 2024 to convene experts and make recommendations on international partnerships and trade.
Government Response
Accepted
HM Government
Accepted
The Tech Prosperity Deal (TPD) fosters deeper integration of US and UK science and technology, by committing the UK and US to groundbreaking research collaboration and industry exchange. During the State Visit, the Government announced a historic £150 billion worth of inward investment from US companies: the largest commercial package ever secured. This reflects the strength of the UK-US economic partnership and scale of ambition shared by both nations. The Industrial Strategy Advisory Council (ISAC) was formed in December 2024 to support the Government’s objective of delivering a long-term Industrial Strategy that provides stability and certainty to industry over the long-term. The Council brings together experts and thought leaders from across business, academia and trade unions. Over the past months the Council has been applying its expert and diverse perspectives to help drive ambition and focus on the Industrial Strategy, both in its development and implementation. It has made recommendations to the Secretary of State and Chancellor of the Exchequer, including on international partnerships and trade issues. The Government is keen to continue close working with business to ensure our strategy is agile and responsive to what businesses need and to create long term stability, certainty and longevity for the UK economy. We will continue to work with business through dedicated councils and forums.