8 Things for US President Trump and Prime Minister May to Discuss that Can Strengthen our Economies
The United Kingdom has no closer ally than the United States. Jointly our two countries take action to meet the challenges we face locally, nationally and globally. Our bilateral cooperation reflects the common language, ideals and democratic practices of two nations built over the centuries.
And we can afford to be upbeat because whatever the challenge, the British American economic relationship is a source of great strength, stability and opportunity. We are the single largest investor in each other’s economics. A million British people go to work every day in the UK for a US headquartered company, just as a million Americans go to work every day to work for a British headquartered company in the US. The business activities of the thousands of companies that day in, day out, trade and invest across our borders strengthen the ties between our respective economies and bring prosperity to our people.
So when President Trump and Prime Minister May meet for the first time, what should they talk about?
Below are 8 topics for discussion that can boost bilateral economic relations and increase prosperity and security.
1 – The UK should agree to increase defence spending to 2.5% of GDP by 2025 based on smart procurement of next generation technology and the US should agree to deepen trust and confidence participation of UK businesses inside the security cleared procurement domain of the US military industrial complex.
2 – Visa systems should advantage bilateral movement of people with enhanced abilities to live, study and work.
3 – With a majority of the best universities in the World in the US or the UK, we can get more out of the transatlantic university ecosystem, scientifically, culturally and economically.
4 – When President Trump passes tax reform and other legislation that creates a wall of investment capital to renew America’s infrastructure, British expertise and involvement from engineering and architecture to project finance and public-private partnerships can deliver best practice models that can save US taxpayers money.
5 – The UK and US should work for alignment of bilateral and global regulatory systems around science based pursuit of norms that ensure balance and proportion between risk and precaution, while supporting innovation led approaches to deliver better outcomes in healthcare, consumer safety and environmental management.
6 – Data is the lifeblood of an innovation economy, but strong rules on privacy need to build confidence in the use of data. UK – US pragmatism can offer a path that is globally compelling for sustainable deployment of data driven technologies.
7 – UK – US financial services offer deep pools of liquidity and agile product and service structures and share many common features including overriding commitment to prudence over excessive risk taking, sufficient for US and UK markets to be integrated under one regulatory umbrella.
8 –As historically strong proponents of global free trade and with the UK expecting to repatriate competence to negotiate its trade and investment agreements with other countries, an informal trade dialogue should be established to deliver next generation rule templates. These can unite UK and US product and service markets but also NAFTA, EU and UK economies in a common North Atlantic economic zone. Citizens need to feel included and a new trade and investment agenda needs to deliver imaginative opportunities and paths at a local, micro, level as well as the big picture.