UK unlocks £891bn bonanza as ‘Trade Bill is now law’

The Secretary of State for International Trade, Liz Truss has hailed a “historic moment” for Britain today as “the Trade Bill becomes law.”

The pacts, alongside the EU trade deal brokered by Lord Frost, the UK’s chief negotiator last year, are worth £891bn and the UK can now implement the trade deals which covers 67 countries.

The trade deals that are in place will now help to boost jobs, open up new markets for British businesses.

This in turn will encourage more investment into the UK which will also help to fast track the growth of the economy following the pandemic.

Following Royal Assent Truss said, “The passing of this Act into law is a landmark moment for the UK.

“For the first time in nearly half a century, we are free to pursue an independent trade policy and put the interests of the British people first.

“We will use that newfound sovereignty to push new frontiers in industries of the future like digital trade and services, champion free and fair trade across the globe, and lead reform of the global trading system.

“Our aim is to strengthen trading links with allies who share our belief in democracy, free enterprise and the rule of law, and to deepen ties with fast-growing economies of the future, positioning Britain where the future growth is and securing our place in a rapidly changing world.

“By doing so, we will propel a jobs-led, exports-led and investment-led recovery from Covid-19 and bring prosperity to all parts of our United Kingdom.”