More than 10,000 jobs supported thanks to £12.8bn in UK-US trade wins
· Recent export and investment wins support over 10,000 jobs across the UK and US
· Major US investment set to create hundreds of new jobs in Scotland
· UK businesses see huge opportunities to increase trade and investment ties with the US as the Prime Minister meets the US President
Recent export and investment wins totalling over £12.8bn and supporting over 10,000 jobs in the UK and US have been revealed yesterday (10 June).
Q2 Solutions, a wholly owned subsidiary of human data sciences company IQVIA, has announced a multimillion-dollar investment in its R&D activity in Livingston, near Edinburgh, that will create hundreds of new jobs over the next three years.
The project, supported by a multi-million pound grant from Scottish Enterprise, will employ cutting-edge research techniques to enhance understanding of the effectiveness of medicines including treatments for cancer.
In the last month alone, US companies Liberty Global, Kraft Heinz and Innova Medical Group have announced new investments into the UK worth over £10 billion which will create over 2,000 jobs. Elsewhere, Rolls-Royce has recently completed a $600 million investment project to modernise equipment and technology at its Indianapolis manufacturing facility. The investment secures the long-term viability of the site that employs 3500 people and marks Rolls-Royce’s single largest investment in the US in 25 years.
Adding to these successes, a number of UK SMEs are also finding increasing demand for their goods and services in the US.
For example, Rapha Performance Roadwear, a London-based sportswear and lifestyle brand focused on road bike racing, clothing and accessories, recently benefitted from a £200m investment from The Walton Family Office and opened operations in Arkansas.
Yorkshire-based company Paxman Scalp Cooling is now treating hundreds of thousands of cancer patients in the US thanks to its proprietary technology earning US FDA approval in 2017.
The US is the UK’s largest single trading partner, with total trade reaching £196.3bn in 2020.
International Trade Secretary Liz Truss said:
“More trade means more jobs, more opportunity and a better standard living in both nations. We are working hard to deepen our trade and investment relationship with the US, and I have been engaging closely with my counterpart Katherine Tai to make headway on the major issues facing global trade – not least tackling unfair trading practices and combatting climate change.
“We each employ one million people in each other’s economies and together the UK and US can lead the way in building back better through free and fair trade, from tackling climate change to pioneering new technologies.”
The Department for International Trade (DIT) works closely with hundreds of UK-based firms annually to help facilitate the transition into the US market, providing guidance on setting up companies, market research, and offering key networking opportunities.
Scottish Secretary Alister Jack said:
“The US is Scotland’s top overseas destination for exports, and with US investment set to create hundreds of high-quality jobs in Livingston alone, it’s clear that Scotland’s people and businesses benefit significantly from our strong trading relationship.
“The UK Government is committed to enhancing this relationship, making it easier for our businesses to reach the US market while supporting US investment in Scotland and across the whole of the UK.”
Banff and Buchan MP David Duguid said:
“The United Kingdom and the United States employ over a million people in each other’s countries and these trade wins will mean more jobs and more success for our national and local economy.
“Banff and Buchan is well placed to benefit from this and from other trade deals the UK is striking across the world and this is just another example of the UK Government working for people and businesses in Scotland.”
The news comes as Prime Minister Boris Johnson and President Joe Biden met yesterday (10 June) where they discussed ways of further enhancing our economic relationship, including through a resolution to the civil aircraft dispute.
Johnson and Biden also discussed our shared values in areas such as tackling climate change and the vital role free and fair trade has to play in delivering the jobs, wages and opportunity we need to drive the global recovery from Covid-19.
The UK and US, along with G7 partners, resolved to work together to strengthen our rules-based global trading system at the recent G7 Trade Ministers’ meeting on 28th May, making it more sustainable, resilient and responsive to the needs of global citizens.