Fund London’s trains properly if you want to boost British trade, government told

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If Britain wants to boost its status as a global trading hub, the government has been asked to stop ignoring London trains.

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Catherine McGuinness, chair of the City of London Cooperation, said London’s transport network needs to be “appropriately funded” if the city is to fuel the government’s global business agenda.

The city, as the country’s most important services hub, needs infrastructure that is “not in decline, managed or otherwise”, he said Monday, speaking at a business conference organized by the Center for Policy Studies in London’s Guildhall.

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His remarks follow an interview with the Transport Commissioner for London, Andy Byfold. inspector on Sunday, in which he warned that unless new investments were agreed upon, capital was “staring into the abyss”.

“The downside, the danger we face is a managed fall,” said Mr Byfold.

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Ms McGuinness also noted that much of the government’s rhetoric has focused on a quick win by liberalizing trade in goods by cutting tariffs with free trade deals.

City leaders, including Ms McGuinness, called on the government to do more to boost trade in services, which is often spoiled by too much focus on free trade agreements.

He says this approach does not reflect Britain’s economic strength as a service-heavy economy. The sector accounts for about 80 percent of GDP, and employs more than two million workers.

Yet the UK’s most economically important bilateral trade agreement, the EU-UK Trade and Cooperation Agreement, provides relatively weak provision for services. The impact of Brexit on the services trade is not yet clear, as it is harder to measure than goods.

Compared to focused deals in goods, trading in services is often more challenging, Ms McGuinness said, due to regulatory constraints. It therefore calls for intensified “regulatory dialogue” including side routes such as MoUs and regulatory forums.

The comments after Brexit are of particular importance, as the UK still lacks an effective regulatory platform for financial services exports with the European Union as one of its largest markets. An MoU is yet to be formally agreed and signed between the two sides.

proposals Carries by Brussels also indicate it plans to crack down on cross-border activity, including from banks serving EU customers from London.

Meanwhile, Britain should be “concerned” about the future of the multilateral trading system, said former EU trade commissioner Peter Mandelson.

“China is adept at detecting and exploiting loopholes in the WTO rulebook,” Mandelson said. But it is not the only country to “play fast and loose” with WTO rules. He said that the system needs to be reformed and reformed.

The business secretary, Anne-Marie Trevelyan, told city leaders that the UK must prepare for a shift in “global economic gravity” towards Asia.

The Business Secretary said: “The seven largest emerging economies are projected to exceed the economic size of the G7 during 2030.

“Between 2019 and 2050, more than half of global growth is expected to come from the Indo-Pacific,” he said.

The UK has already started the process of joining the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). And talks are also expected to begin “in the coming months” with the Gulf Cooperation Council, which also includes Saudi Arabia. Trade talks with India are expected to begin in early 2022.

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Credit: www.independent.co.uk /

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