BABC Trade and Investment Update April 2017
British Prime Minister Theresa May calls for general election on 8 June, surprising many Brits
Theresa May stunned the British press the morning after the long weekend Easter break, announcing her intent to trigger a general election on 8 June only hours into the working day. Desiring greater unity in parliament to catapult her Brexit strategy in Brussels, May has long decreed that divisions in both her cabinet and Westminster has reduced Britain's negotiating power in Brussels. By calling an election, May expects an increase in the number of elected conservatives sympathetic to Brexit in her parliament, capitalising on popular Brexit sentiment. Currently, political opinion polls project a decisive lead over Labour.
Los Angeles and London ranked as the 'best place to do business' in the US & UK, according to global location advisory firm Hickey & Associates
Los Angeles has outperformed major cities like New York City, San Francisco and Chicago to be ranked as the best place to do business in the United States, according to global location advisory firm Hickey & Associates. The city of entertainment, which took 4th overall globally, was narrowly eclipsed by London - the UK's best city for business, which took 2nd overall globally. Coming in first place globally was Copenhagen in Denmark.
Put together as part of Hickey & Associates ExPLoRE report for 2017, the analysis measured 469 cities with populations of at least 500,000, and evaluated them based on five primary attributes: business climate, labour suitability, socio-political suitability, infrastructure and quality of life.
Los Angeles scored the coveted number one position in the United States primarily due to its labour force. The city has outpaced other cities for job and wage growth since 2014. This, combined with its temperate climate, significantly lower rentals than either New York or San Francisco, and concerted regeneration efforts in recent years, makes it a uniquely attractive economy to both workers and businesses.
While London came out on top in the UK, Birmingham followed narrowly behind with its highly-skilled workforce, sound infrastructure and strong business climate.
In the United States, the city of Charlotte tied in second place with Houston in Texas, just above New York.
As part of the tabulation process, each city was compared to their 468 peers according to a total of 16,415 comparisons. As part of the five main criteria, sub-domains included lending rates, corporate income tax, public transportation, disposable income, education expenses, and crime rates, to name a few.
Each evaluative domain was weighted to give a realistic representation of the economic suitability of a city compared to other similar cities. H&A continues to track these measures annually to detect longitudinal changes within variables over time.
H&A is a global leader in site location strategy, economic incentive advisory, and workforce solutions with 30 years of experience assisting businesses in determining the best location to expand, relocate or consolidate in the world. Across its 29 global offices, H&A captured $2bn in savings for its clients at an average of 32% cost saving per project in 2016.
To access a complimentary copy of the ExPLoRE Report 2017, please click here.
For more information, please contact Wouter Schuitemaker, Managing Director, EMEA, Hickey & Associates, LLC (email@example.com)
Do you have a transatlantic trade success story you would like to share? Get in contact with our Policy & Trade team at firstname.lastname@example.org
Transatlantic Trade Conference, 'Navigating the New World: Evolving opportunities as the US, Canada and Europe absorb changes in the realities of economies, trade, borders, and governance', 10-11 May, Chicago
On 10-11 May, BABC Chicago will launch the annual transatlantic trade conference for BABC members and speakers to discuss everything from the projected economic outlook to innovation, next-generation tech, big data and FinTech. Considered BABC's flagship conference, this is an opportunity for key US-UK policy and industry leaders to chart the trade trajectory for coming years. Tickets are still available. For registration, please click here.
BAB's Director of Trade & Policy, Emanuel Adam, joins State of South Carolina's Europe Office for a roundtable in London
Emanuel Adam joined South Carolina's Europe office for a fruitful roundtable exploring the deep relationship between the US & UK on 19 April. The UK is a major export market for the state of South Carolina, accounting for over $2.8 billion worth of trade in 2016, and supporting 18,000 jobs in 2015. The UK was South Carolina's 4th largest export market in 2015.
Article in Hertfordshire Chamber's Inspire 19 Magazine by Emanuel Adam, Director of Policy & Trade BAB London - A Land of Opportunities
"Everyday a million Americans get up in the morning to work for a UK-owned company", and everyday, a million Americans wake up to work for a British company. In the March/April edition of Hertfordshire Chamber's Inspire 19 Magazine, Emanuel Adam explores the highly integrated trade relationship that has remained at the bedrock of the two nation's special relationship. To read the article, please click here.
'Trump wants tax plan to cut corporate rate to 15%' - Wall Street Journal
President Donald Trump has ordered White House aides to draft a tax plan that drops the corporate tax rate to 15%. This would reduce is substantially from the current rate of 35%, and bring it in closer alignment to the UK's 19%. For more information, please click here.
'EU Commissioner: Britain faces 'bloodbath' over US trade deal' - The Telegraph
Phil Hogan, the agriculture and rural development commissioner in Brussels, has warned Britain faces a 'bloodbath' over any trade deal with the US. "Would British farmers and consumers accept hormone beef and chlorine chicken on their supermarket shelves? I seriously doubt it", he said. British farmers currently receive heavy subsidies from the EU, and any Brexit negotiation will have to ensure British farmers are well protected outside the EU. For more information, please click here.
'Philip Hammond welcomes Paul Ryan to London, welcoming bilateral trade deal' - The Telegraph
US Speaker of the House of Representatives Paul Ryan has said that the United States is "ready to forge a new trade agreement with Great Britain, so that we may further tap into the great potential between our people". Speaking at the Policy Exchange think-tank, he re-affirmed America's continued support for Britain as it attempts to secure a deal with the European Union. "We're going to be with you through every step of the way." For more information, please click here.
British businesses project US to remain most important trading partner - Financial Times
A new study by the University of Strathclyde Business School of recent winners of the Queen's Awards for Enterprise, the UK's highest accolade for business success, found that 41% of the 200 British winners listed over the last five years mentioned the US as their most important market, with 45% labelling the US as their most important in the next five years. For more information, please click here.
UK Exports to the US
$3.9 billion in February 2017 - down 9.4% from November 2016. For more trade information click here.
US Exports to the UK
$4.4 billion in February 2017 - up 17.29% from January 2017. For more trade information click here.
What happens with my orders for goods either side of Brexit Day?
It looks like there will be no early May Bank Holiday weekend this year for leaders of 27 EU member states as they gather to agree on guidelines for negotiations with the UK. The official talks haven't started, but TradePeers' Sietske de Groot gives a glimpse of the future for those who do business with the European single market.
The withdrawal negotiations kick of this summer. As well as issues such as citizens' rights, financial obligations, and Northern Island, its first phase is also likely to deal with uncertainties about goods placed on the market before the UK's withdrawal from the EU ('Brexit Day').
Goods made available for purchase before Brexit Day would ideally by permitted to be traded on the same basis afterwards. For goods brought to market after Brexit Day, EU-UK trade terms will be anybody's guess, and will remain so for a while.
We might have to await the second phase of negotiations, when both parties identify an 'overall understanding' of the future EU-UK relationship. This is where market access should come into the picture. However, it is unknown when the negotiators will go down to the nitty-gritty of customs procedures, tariffs, quotas and rule of origin, let alone product rules. The EU is adamant that a trade deal will only be finalised after Brexit Day, which, smooth negotiations permitting, is scheduled 29 March 2019.
The World in Flux: Commonwealth Perspectives with Harriet Cross, Consult General, UK; David Alward, Consul General, Canada; Upendra Mishra, President, India-NE Business Council; Simon Leming, Consul, NZ - Hosted by BABC New England
Join a number of Commonwealth government leaders discuss the impact a changing United States will have for their economies in Boston on 17 May. For registration, please click here.
Trump on Trade: Implications for US and Non-US Businesses - Hosted by BABC Northern California Patron Member, Squire Patton Boggs
On 3 May, Join Squire Patton Boggs' co-chair of International Trade Practice discuss Trump's evolving trade agenda, notably discussing "America First", "Buy American", and "Hire American" policies, and what these protectionist strategies mean to the global business environment. For registration, click here.
100 Days Breakfast Briefing - Hosted by BAB London
On 4 May, join us for this timely breakfast briefing, 100 days after President Donald J. Trump has been sworn into office. Our expert panel will discuss the current political climate and changes in key sectors that we have seen from the new US Administration in their first 100 days. For registration, click here.
FISITA, the Fédération Internationale des Sociétés d'Ingénieurs des Techniques de l'Automobile, is currently receiving expressions of interest to join their board of directors. Founded in Paris in 1948, the organisation seeks to bring together engineers from across the globe to share ideas and advance the technological development of the automobile". For expressions of interest and more information, please contact FISITA Chair of the Board, Paul Mascarenas, on email@example.com.
If you are interested in joining BABC at one of our 22 chapters spanning the UK and US, please get in contact with your local chapter. More information can be found at www.babc.org
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