Source · Select Committees · Business and Trade Committee
Recommendation 25
25
Not Addressed
Ensure UK's economic and strategic interests remain central to Economic Prosperity Deal negotiations.
Recommendation
The Committee will continue to monitor developments closely and expects the Government to ensure that the UK’s economic and strategic interests remain central to the negotiation of the full Economic Prosperity Deal. (Conclusion, Paragraph 140)
Government Response Summary
The government highlights the economic potential of digital technologies and AI, referencing the Tech Prosperity Deal and its commitment to ambitious digital trade provisions and safeguarding the ability to regulate the digital economy, but doesn't explicitly detail how UK's broader economic and strategic interests will be central to the full EPD negotiation.
Government Response
Not Addressed
HM Government
Not Addressed
According to research commissioned by Microsoft, and published last year, over the next decade, digital technologies such as AI and cloud have the potential to create a half a trillion pound opportunity for the UK economy, increasing GDP by over £550 billion by 2035.4 According to research published by Sage in 2022, broader roll-out of new technologies by SMEs could add an extra £232 billion to the economy, boosting the value of tech use to the UK economy by almost double to £448 billion annually.5 As mentioned in response to the Committee’s recommendation in paragraph 50, the Tech Prosperity Deal (TPD), announced during the State Visit in September, unlocks growth for our very best tech companies. The TPD commits the UK and US to groundbreaking, long-term research collaboration and industry exchange. Together, the TPD and EPD will ensure further collaboration across our technology ecosystems, creating jobs in both our countries. The TPD recognises the importance of both countries working towards best practices and standards development for AI models and advancing trusted, interoperable standards for quantum technologies. We are committed to negotiating an ambitious set of digital trade commitments with the US in the EPD, which will complement the TPD and facilitate economic growth on both sides of the Atlantic. We will continue to safeguard our ability to regulate the digital economy, including to protect children and adults online, and facilitate economic growth.