UK election could impact politics, including trade deals: S&P Global Market Intelligence

The election could impact issues such as Britain’s trade deals, willingness to impose import tariffs, support for manufacturing, infrastructure investment and support for unions, according to S&P Global Market Intelligence, a financial information and analysis firm.

The Conservative Party and Labour have broadly similar strategies on these issues, including trade deals and investment support, the financial information and analysis firm said. Smaller parties could become important in a coalition government, with different positions on relations with the EU, it said.

Trade relations with the United States will depend in part on the November presidential and congressional elections.

“For manufactured goods, a transactional approach may be necessary to avoid tariffs, given that over the past 12 months, the US accounted for 20.9% of UK exports of cars and trucks, 16.4% of aerospace parts and 23.8% of construction and goods transport machinery,” the analysis reads.

The Conservative Party, which has been in power in the UK for around 15 years, faces a tougher task ahead of a general election under Prime Minister Rishi Sunak, with most polls predicting a return to Labour government for the first time since 2010.

A record number of candidates – more than 4,000 – are running in the run-up to the general election, which will be held across the country on July 4.

Economic stagnation, the housing crisis, the cost of living, immigration and foreign policy concerns are among the top issues of this election.

India, a key partner of the UK, is actively pursuing talks on a trade agreement.

Union Minister Piyush Goyal recently said India was actively working on the process of concluding free trade agreements (FTAs) with many countries and expressed confidence in speedy progress in relations with the UK, irrespective of the election outcome in the country.

The thirteenth round of negotiations for a UK-India free trade agreement took place from 18 September to 15 December 2023.

Prime Minister Narendra Modi and his British counterpart Rishi Sunak last month welcomed the progress in negotiations for a free trade agreement (FTA) between the two countries.

Last month, a bilateral meeting was held in Puglia, Italy, on the sidelines of the 50th Group of Seven (G7) Summit. (ANI)

This report is generated automatically by ANI news service. ThePrint is not responsible for its content.