Jul 11, 2016
The UK government has inked new multi-billion pound contracts with American aerospace and defense giant Boeing, Prime Minister David Cameron says, hailing the move as a sign of confidence in the country’s economy in the aftermath of the Brexit vote.
Cameron made the announcement on Monday at the Farnborough international air show in Hampshire.
Under the new contracts,Boeing will provide the British military with nine P-8A Poseidon spy aircraft, complete with a £100 million ($129 million) maintenance facility at the RAF Lossiemouth base in Moray.
Boeing has also promised to create as many as 2,000 new job opportunities across the UK, 100 of which will be at the military base.
Also under the new agreements, Britain will act as Boeing’s base for military exports to Europe and the Middle East region.
The company will also base the maintenance and training facilities for its military fixed-wing and rotary platforms in the UK.
According to Cameron’s office, Boeing will also make a £365 million ($471 million) investment for aerospace research and development, part of the Aerospace Growth Partnership which was established in 2012 and is designed to maintain the UK’s position in the industry.
In his speech at the opening of the air show, Cameron said that the news “shows the UK is open for business, and attractive for investment.”
“We aren’t just open for investment; we are a place the global aerospace industry wants to do business – as Boeing’s long-term partnership with the UK proves,” he added.
Boeing’s chairman, Dennis Muilenburg, said that his company shares the same goals as Cameron’s government.
“Boeing is committed to the UK government’s prosperity agenda and we share the goals of enhanced economic growth that the prime minister has set out to us,” he said.
Now SOUTH KOREA wants British free trade deal as UK ministers struggle to cope with demand
SOUTH KOREA has joined the race to tie-up a major free trade deal with the UK in the wake of its exit from the European Union.
Finance Minister Yoo Il-ho said South Korea will pursue a post-Brexit trade deal with the UK
South Korean officials have said despite market uncertainties in the wake of Brexit, the situation has now eased.
The country exported over $7 billion worth of goods to the UK last year which is 1.4 percent of its foreign trade.
Trade deals will be made with the UK, many other countries have confirmed
Despite worry of possible escalating market repercussions if there was any deterioration in the UK economy, the Government is keen to move fast and secure ties with Britain.
Seoul has previously signed large free trade agreements with a number of countries, including the US and China.
And South Korea is not the only nation scrambling to secure trade links with the UK. George Osborne has been working to arrange trade trips to major global players, including China, to remind them of the importance of trading with Britain. And trade talks have already begun in India.
Total trade between the two countries was at an estimated £16.55bn last year.
Politicians in New Zealand and Australia said they may team up for a joint trade deal with Britain while the USA has been urged by US House of Representatives Speaker Paul Ryan to start negotiations and “show solidarity” with Britain.Canadian Prime Minister Justin Trudeau said he will push to keep trade ties with Britain after Brexit and the World Trade Organisation also confirmed it was prepared to talk.