Nov 17, 2020 08:52 PM
(This post was last modified: Nov 17, 2020 11:16 PM by C C.)
Liz Truss: Joe Biden & Democrats are committed to UK-US trade deal (UK community)
https://www.cityam.com/liz-truss-joe-bid...rade-deal/
INTRO: President-elect Joe Biden and the Democrats are committed to negotiating a UK-US trade deal, according to international trade secretary Liz Truss. Truss said today that talks would continue with the incoming administration, despite widespread speculation that a cross-Atlantic deal may be scrapped by Biden. A source from the former Vice President’s transition team told The Telegraph last week that a UK trade deal was “not a priority” for the first 100 days of Biden’s term.
This is significant as the UK has said a deal needs to be done before Congress’ Fast Track Trade Promotion Authority, which prevents Senators from amending agreed trade deals, runs out mid-2021. However, Truss told a virtual conference hosted by advocacy body The CityUK that Washington Democrats were committed to trade negotiations. “We are working with both parties in the US and there is a consensus that a trade deal with the UK is a good thing and we’re determined to make further progress,” she said. “We’re looking for an ambitious financial services chapter, with high regulatory standards and the agreement to facilitate cross-border flows.”
There have now been five rounds of formal talks between UK and US negotiators so far... (MORE)
Britain targets foreign aid budget to pay for pandemic (UK community)
https://www.watoday.com.au/world/europe/...56fi6.html
INTRO: Britain plans to slash billions of pounds from its foreign aid spending to help fill a gaping budget hole created by the coronavirus pandemic, in a move likely to be followed by other cash-strapped European governments. Downing Street on Tuesday effectively confirmed its legally binding aid target of 0.7 per cent of gross national income would be temporarily cut to 0.5 per cent, prompting criticism the shift will unfairly punish the world's poorest and damage Britain's reputation as one of the world's most generous donors.
Foreign aid budgets are expected to come under pressure amid a downturn in economic activity in wealthy countries. Britain is one of just a handful of major countries to meet or exceed the United Nations' target for wealthy nations to hand over aid worth 0.7 per cent of economic activity. The aid budget should have been about £15 billion ($27.2 billion) this year but a downturn in growth caused by a severe recession has already seen that fall by £2.9 billion.
Treasury now wants to cut the rate from 0.7 per cent to 0.5, which would shave billions more from Britain's contribution... (MORE)
https://www.cityam.com/liz-truss-joe-bid...rade-deal/
INTRO: President-elect Joe Biden and the Democrats are committed to negotiating a UK-US trade deal, according to international trade secretary Liz Truss. Truss said today that talks would continue with the incoming administration, despite widespread speculation that a cross-Atlantic deal may be scrapped by Biden. A source from the former Vice President’s transition team told The Telegraph last week that a UK trade deal was “not a priority” for the first 100 days of Biden’s term.
This is significant as the UK has said a deal needs to be done before Congress’ Fast Track Trade Promotion Authority, which prevents Senators from amending agreed trade deals, runs out mid-2021. However, Truss told a virtual conference hosted by advocacy body The CityUK that Washington Democrats were committed to trade negotiations. “We are working with both parties in the US and there is a consensus that a trade deal with the UK is a good thing and we’re determined to make further progress,” she said. “We’re looking for an ambitious financial services chapter, with high regulatory standards and the agreement to facilitate cross-border flows.”
There have now been five rounds of formal talks between UK and US negotiators so far... (MORE)
Britain targets foreign aid budget to pay for pandemic (UK community)
https://www.watoday.com.au/world/europe/...56fi6.html
INTRO: Britain plans to slash billions of pounds from its foreign aid spending to help fill a gaping budget hole created by the coronavirus pandemic, in a move likely to be followed by other cash-strapped European governments. Downing Street on Tuesday effectively confirmed its legally binding aid target of 0.7 per cent of gross national income would be temporarily cut to 0.5 per cent, prompting criticism the shift will unfairly punish the world's poorest and damage Britain's reputation as one of the world's most generous donors.
Foreign aid budgets are expected to come under pressure amid a downturn in economic activity in wealthy countries. Britain is one of just a handful of major countries to meet or exceed the United Nations' target for wealthy nations to hand over aid worth 0.7 per cent of economic activity. The aid budget should have been about £15 billion ($27.2 billion) this year but a downturn in growth caused by a severe recession has already seen that fall by £2.9 billion.
Treasury now wants to cut the rate from 0.7 per cent to 0.5, which would shave billions more from Britain's contribution... (MORE)