9 June 2023 - Sunak's Atlantic Declaration falls short of a free trade deal
Rishi Sunak and his Conservative Cabinet are set to miss one of the main promises from their 2019 election manifesto by not agreeing on a free-trade-agreement with the United States. Sunak, on a fleeting visit to Washington, met with President Biden yesterday and signed the “Atlantic Declaration”. This set out a greater degree of economic security. The agreement includes a specific trade pact that includes deals over the vital minerals used in electric car batteries, closer cooperation over defence industry issues and new data protection protocols. It falls well short of the free trade agreement that was promised as part of the Government’s Brexit strategy. With both leaders facing re-election, Sunak brushed aside criticisms and concentrated on the positives which provide UK manufacturers access to around three-hundred and seventy billion dollars of green subsidies, which form part of Biden’s initiative to boost green investment in the U.S. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.