UK Government strengthens ties with the powerhouses of Asia
Stronger ties with Asia will be critical to becoming a truly global country after Brexit, Treasury Minister John Glen is expected to tell leading financiers next week.
While on a tour of Indonesia, Malaysia and Japan, John Glen, Economic Secretary to the Treasury, will promote the UK’s world leading financial services industry and encourage greater future collaboration in growing markets such as Islamic Finance, Green Finance and Fintech.
John Glen, Economic Secretary to the Treasury said:
We’re stepping away from the EU, but we are not stepping away from the world. The UK and Asia have so much more room to grow together, especially in financial services. Brexit is a golden opportunity to strengthen our ties with our partners across the world, ensuring the UK continues to thrive as a truly global country.
Asia is an essential business partner with the UK, especially in financial services. Trade between Japan and the UK was worth £28bn last year, with the UK exporting £13.7bn worth of goods and services. Financial services proved to be one of the most important exports, accounting for 54.8% of all UK services exported to Japan.
Trade between the UK and the Association of Southeast Asian Nations (ASEAN) - which represents some of the world’s fastest growing economies, including Malaysia and Indonesia – is also increasingly important. The ten ASEAN nations collectively rank as the world’s 6th largest economy, with a combined GDP of $2.5 trillion. UK exports to ASEAN were worth £17.1bn last year, 50.8% of which was in financial or other business services.
The Minister will meet with the Indonesian Finance Minister, Sri Mulyani Indrawati, the Malaysian Finance Minister, Lim Guan Eng, and the Japanese State Minister for Finance, Kenichi Ueno. He’ll also address the Nikkei FinTech Summit, Japan’s largest fintech conference, about the future for opportunities for the UK and Japan to collaborate.
Latest News from
Welsh goods exports spurred by state-of-the-art manufacturing infrastructure15/02/2019 15:25:00
Liz Truss attends Finance Ministers Quadrilateral meeting in Cardiff and visits local engineering firm.
Marriage Allowance promoted on Valentine's Day14/02/2019 15:25:00
HMRC is encouraging married couples and people living in a civil partnership to sign up to the tax free break, which is worth up to £238 this year.
32 million people better off as key legislation passes final hurdle13/02/2019 15:48:00
The Finance Bill 2018-19 receives Royal Assent.
Terrorism insurance gap closed, giving peace of mind to businesses13/02/2019 14:38:00
Business owners will now find it easier to buy terrorism insurance that will pay-out if they lose custom in the wake of a terror attack because they cannot trade or are prevented from accessing their premises.
New stamp duty land tax surcharge for non-UK resident homebuyers to be introduced12/02/2019 11:10:00
Proceeds of the new surcharge would be put towards measures to tackle rough sleeping.
Changes to the Board of NS&I announced06/02/2019 14:15:00
Jill Lucas has been appointed as a NS&I Non-Executive Director and James Furse's term has been extended.
Wealth of Diversity Conference: Economic Secretary's speech05/02/2019 16:10:00
The Economic Secretary to the Treasury, John Glen speaks about the business case for diversity and inclusion at the PIMFA Wealth of Diversity Conference 2019.
HM Revenue and Customs simplifies importing from the EU as part of 'no deal' preparation04/02/2019 16:15:00
HMRC announces Transitional Simplified Procedures for customs, should we leave the EU without a deal, by writing to 145,000 VAT registered businesses trading with the EU.