Healey to ask EU finance ministers to let UK into 'Made in Europe' industry scheme
Summary
Chancellor John Healey will ask EU finance ministers to allow the UK to join the EU’s new "Made in Europe" industry protection program. He also wants closer partnerships between the UK and EU in technology, defense, and manufacturing to help British businesses grow and reduce negative effects from Brexit.Key Facts
- John Healey is meeting EU finance ministers in Dublin to discuss UK-EU cooperation.
- He wants the UK included in the EU’s "Made in Europe" scheme, officially called the Industrial Accelerator Act (IAA).
- The IAA aims to protect EU industries from unfair competition, especially from China, by restricting goods from outside countries.
- There are concerns this program could exclude British companies from European supply chains.
- Healey wants to improve access for UK businesses to EU supply chains and customers without harming the UK’s interests.
- The UK previously failed to join an EU defense loans scheme due to disagreements over payment.
- Healey is also considering joining a new global Defence, Security and Resilience Bank led by Canada to help pay for UK defense spending.
- The UK government is preparing for the Budget in October and a spending review next year, focusing on defense costs.
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