Predicted economic growth of 0.16% is anticipated over the next 15 years if the two parties can agree terms on a deal that could lower import taxes or tariffs on exports.
The UK government has published its negotiating objectives and economic assessment for a free trade agreement with the United States.
Predicted economic growth of only 0.16% is anticipated over the next 15 years if the two parties can agree terms on a deal that could lower import taxes or tariffs on exports.
The government has said the NHS is not up for discussion.
Catherine McGuinness, chair of the City of London Corporation’s policy and resources committee, said: “The UK and USA are the world’s leading exporters of financial services and are each other’s biggest services trading partners, so these negotiations are an opportunity to set a new global standard on what is possible on cross border financial services trade.
“As the biggest contributor to the UK’s trade surplus in services and as a key driver for the prosperity of businesses and households on both sides of the Atlantic, the financial services sector should be a top priority in any future free trade agreement.
“Alongside these discussions, closer cooperation on regulatory issues can play an equally important role in increasing transatlantic trade in financial services.”