Commons Sense

House of Commons · Ministers' Questions

United States: Trade

Thursday 2 May 2024 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 0 Not answered 0

Key points

  • UK-US trade has grown 35% from 230 billion to 311 billion over the past two years.
  • US motorsport company Andretti has taken 40,000 square feet of facilities in Buckinghamshire, with another 70,000 square feet on order.
  • Andretti Global is already employing over 100 people locally in high-tech jobs in Buckinghamshire.

Topics (select to filter)

Questions & Answers

Q1 Greg Smith Con Mid Buckinghamshire
Business & Trade
Context

The question follows two years of growing UK-US trade and significant shared investment between the nations.

Question

What recent progress has been made on increasing levels of trade with the United States?

Answer from Kemi Badenoch

Over the past two years, UK-US trade has grown 35% from £230 billion to £311 billion, while shared investment between our two nations now totals over £1.1 trillion. In March, following the excellent work of our trade envoy, my right hon. Friend the Member for Bournemouth West (Sir Conor Burns), I signed a state-level arrangement with Texas. That means that UK businesses now have memorandums of understanding with eight US states with a combined GDP equivalent to a quarter of the whole US economy.

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Q2 Greg Smith Con Mid Buckinghamshire
Business & Trade
Context

US motorsport giant Andretti has established a significant presence in Buckinghamshire, employing over 100 people and showing interest in entering Formula 1.

Question

I am delighted to report that US motorsport giant Andretti has shown a massive vote of confidence in the UK by taking 40,000 square feet of facilities in Buckinghamshire, with another 70,000 square feet on order, and is already employing over 100 people locally in high-tech jobs. That clearly opens up huge opportunities for automotive and motorsport supply-chain businesses on both sides of the pond, including General Motors. Will my right hon. Friend join me in welcoming Andretti to the UK in its bid to get on to the Formula 1 grid, and what more can she do to ensure that automotive and motorsport supply chains can operate on both sides of the Atlantic?

Answer from Kemi Badenoch

I was delighted to see my hon. Friend visit the opening of Andretti Global's new facility in Silverstone last month. I wish it luck as it continues its preparations to enter Formula 1. That investment is another vote of confidence in the world-leading innovation that the UK has to offer. Andretti Global will also specifically benefit from the MOU that we have signed with Indiana, which will enhance our trade relationship in key areas, including advanced manufacturing.

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