New Trade Strategy to protect and boost British business
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British Businesses will be given greater access to global markets
more quickly as the UK tomorrow [Thursday 26 June] publishes its
first Trade Strategy since leaving the EU. The Strategy will
make the UK the most connected nation in the world and secure
billions worth of opportunities for businesses, helping deliver the
economic growth needed to put money in people's pockets, strengthen
local economies, create jobs, and raise living standards. It
takes a more...Request free trial
British Businesses will be given greater access to global markets more quickly as the UK tomorrow [Thursday 26 June] publishes its first Trade Strategy since leaving the EU. The Strategy will make the UK the most connected nation in the world and secure billions worth of opportunities for businesses, helping deliver the economic growth needed to put money in people's pockets, strengthen local economies, create jobs, and raise living standards. It takes a more agile and targeted approach than the previous government's, focusing on quicker, more practical deals that deliver faster benefits to UK businesses. It strengthens trade defences, expands export finance—especially for smaller firms—and aligns trade policy with national priorities like green growth and services. It's a smarter, more responsive plan for a changing global economy. The Trade Strategy:
The Trade Strategy comes amid a backdrop of turbulent economic waters, resurgent protectionism and unfair trading practices creating significant challenges for businesses and industries across the whole of the UK. Together with our modern Industrial Strategy - a plan to grow the UK's growth-driving sectors – we are strengthening businesses at home and setting clear direction to ensure success abroad and create high-paid, secure jobs in every part of this country. It follows three significant trade deals agreed last month with huge benefits for UK businesses, jobs and consumers. Not only does our deal with India add £4.8 billion to the economy and £2.2 billion to wages each year, its reduced and liberalised tariffs means more whisky and gin is likely to be sold to Indian consumers and British shoppers could see cheaper prices on things like clothes, footwear and food products. Our landmark deal with the US, the only one they have agreed with any country, protects hundreds of thousands of British jobs from automotive workers in the West Midlands, to aeroplane builders in Wales, to steelmakers in Scunthorpe. It shows the government delivering on its promise to champion British businesses and put jobs and livelihoods first. The EU agreement, meanwhile, cuts red tape and improves access to our biggest trading partner. It means Scottish salmon farmers can sell their fish more easily to the EU, Welsh sausages and lamb mince exports will no longer be blocked, and British pets can join their owners on holiday with less headache. Prime Minister, Keir Starmer, said: “What works for business, works for Britain. It means more jobs, more opportunities, and more money in people's pockets. “That's why I've backed British industry through global headwinds—securing major trade deals with the US, India and the EU that protect jobs and drive growth right across the country. “Today's Trade Strategy is a promise to British business: helping firms sell more, grow faster, and compete globally. It's about delivering growth as part of our Plan for Change—and making sure working people feel the benefits.” Business and Trade Secretary Jonathan Reynolds said: “The UK is an open trading nation but we must reconcile this with a new geopolitical reality and work in our own national interest “Our Trade Strategy will sharpen our trade defence so we can ensure British businesses are protected from harm, while also relentlessly pursuing every opportunity to sell to more markets under better terms than before. “Broad and complex trade deals like we secured with India will bring billions to our economy every year but to deliver the Plan for Change we will strike more agile, targeted deals that exploit the sectors which drive the most growth for our economy.” It comes as the government works in partnership with industry to shape future steel trade measures which will prevent cheap imports from undercutting UK businesses, replacing the current UK steel safeguard measure when it expires in June 2026. Collaboration with steel producers, consumers and unions will help ensure the new phase of our trade defences continue to protect UK businesses and jobs, while providing a fair and competitive market. UKEF measures included in the Strategy accompanies news this week that up to £13 billion of direct lending will be used to help boost exports across key industrial sectors, marking a £3 billion uplift in UKEF's facility. Trade Minister Douglas Alexander said: “This new hard-headed, data driven, and agile approach to trade policy is guided by our pragmatic patriotism. In this changed and challenging world, we will promote what we can and protect what we must to advance the UK's national interest. “Through our Trade Strategy, we are supporting our businesses to expand and export with a wider range of trade tools that harness our high-growth industries of the future to deliver this government's Plan for Change. “As we target these agreements, we will take every step necessary to safeguard British businesses from the increasingly protectionist mood in much of the world by sharpening our defensive toolkit.” To complement the Trade Strategy, we have also today published the Global Trade Outlook 2025 which explores the long-term trends that may shape the global economy and international trade in the coming decades. Shevaun Haviland, Director General at the BCC, said: “The Trade Strategy sets out a clear, evidence-based approach to raising the UK's export game. It rightly targets our strength in services, and vital high-growth goods sectors while identifying key markets in the Indo-Pacific, Americas and European neighbourhood. A focus on sectoral and digital trade deals is also welcome, alongside a commitment to a functioning rules-based global trading system. “Place matters in trade. This strategy can generate economic growth in every nation and region of the UK, lowering tariffs and removing trade barriers. Our Chamber Network stands ready to build, invest and deliver on international trade as a partner of government and an engine for economic growth.”
Ian Stuart, CEO of HSBC UK: “I welcome today's announcement of the Trade Strategy. It provides a vital blueprint to ensure the UK's continued role as a great trading nation and leading services exporter, with a focus on the sectors that will drive growth in the decades to come. “It also rightly recognises the challenges many exporters face at a time of heightened global uncertainty. This is a necessary first step in giving businesses the tools they need to thrive on the world stage. HSBC looks forward to supporting businesses to take advantage of the strategy and unlock the full benefits of international trade.”
Jon Holt, Group Chief Executive and UK Senior Partner, KPMG, said: “Our professional and business services industry is an international success story with our expertise in demand around the world. As a high-growth sector, we have long called for a Trade Strategy that enables UK businesses to take advantage of new global opportunities and expand into emerging markets. “Today we have a clear plan. From removing barriers to overseas markets, to making it easier for our highly skilled people to travel and work across borders, this approach will strengthen our connectivity, boost inward investment and make sure our sector remains globally competitive. “The strategy's success will depend on a strong partnership between business and Government.” Mike Hawes, SMMT Chief Executive, said: “UK automotive is a trade powerhouse, generating imports and exports worth 108bn a year and typically Britain's biggest exporter of manufactured goods. Free and fair trade is fundamental to our success and recent agreements with India, the US and, particularly, the EU signal that intention. “Today's trade strategy, aligned to the industrial strategy announced earlier this week, can provide the basis for continued success. “Balanced trading relationships that break down tariffs and other barriers to trade will enable automotive companies to grow and get great British products into the hands of consumers all over the world, boosting jobs, business and prosperity at home.” Heathrow's Chief Communications and Sustainability Officer, Nigel Milton, said: “We welcome this Trade Strategy, which is set to provide greater support for exporters and champion the importance of free trade. “As the UK's hub airport and largest port by value, we know firsthand how trade can serve as a powerful engine for economic growth. “With our unrivalled access to global markets Heathrow is the UK's gateway to growth and we stand ready to support the Government and exporters from across the country with the rollout of the new strategy.” John Pattinson, Founder and Managing Director of Air Cover Ltd, and a DBT Export Champion, said: “The UK Government plays a vital role in enabling and accelerating the journey to export—a critical driver of economic growth. At Air Covers, we have benefited greatly from our close partnership with DBT Wales. “The support we've received from DBT Wales, as well as from UK embassies and High Commissions around the world, has been instrumental to our expansion and success in international markets. “We believe that the UK Government's Trade Strategy will open new opportunities for growth, both in established regions and emerging markets. For UK exporters, free trade agreements and the simplification of cross-border regulations are essential to unlocking global potential and maintaining a competitive edge.” Notes to editor
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