EU and International Update

EU 

Following the announcement of a UK-EU TCA, the CBI have been highlighting the need for further guidance for businesses on the new trading relationship. This has been central in the CBI’s response and engagement with the government. During weekly meetings with Michael Gove, Minister for the Cabinet Office, the CBI has been relaying feedback from members, how firms are interacting with the latest government guidance and what issues companies are encountering in adjusting to the realities of the new UK-EU trading relationship. Please continue to share your insight, so we can feed this directly into government.  

The CBI has also been clear that the government should build on the deal, capitalising on the provisions detailed within the agreement to secure data adequacy, greater regulatory cooperation on financial services and utilising the pathways granting mutual recognition of professional qualifications.   

As ever, the CBI will continue to support members as they continue to understand what the changes in the trading relationship means for them. The CBI’s UK transition hub remains open to all businesses – members and non-members - and will be kept up to date as and when new guidance and information it’s published.   

Rest of World 

2021 promises to be a big year for the UK on the world stage. The G7 has now been announced for 11th - 13th June, partly in Cornwall. The CBI is hosting the B7 group of business associations ahead of the G7 and is finalising its plans for the summit (likely in May), with policy priorities around climate, digital, trade, and health. Get in touch with Jonathan for more details. 

This week has seen the inauguration of President Biden. The CBI Washington office is shaping plans for engagement with the new administration, particularly around key priorities for the trade deal and the potential for wider liberalisation of the UK-US relationship for example, staff mobility. Appetite for fast progress on the FTA remains on the UK side, but timescales are tight with the expiration of Trade Promotion Authority and we expect the FTA to slip until later this year or 2022. 

Whitehall write rounds are already underway on CPTPP and DIT is likely to start the formal process of application imminently. Expect CBI to step up member consultation on where opportunities lie and what the UK approach should be to carve outs. UK-China is in the spotlight again following the Foreign Secretary’s announcement about Xinjiang. Liz Truss, Secretary of State for International Trade is convening roundtables to take views from business on this and the CBI’s International team will be focusing on the importance of the economic relationship throughout 2021. 

Finally, the CBI will be responding to the Trade Select Committee inquiry into digital trade and data. If you’re able to support by giving views on the questions please get in touch with Will.