Prime Minister Sir Keir Starmer is to meet North East Mayor Kim McGuiness and her counterparts around the country today to discuss the impact of recent trade agreements with India, the US and Europe.
The Government said the deals would boost the region’s automotive and agricultural sectors and create the conditions for major employers such as Nissan, Hitachi and Caterpillar to grow.
The Prime Minister will meet English mayors and leaders from the devolved Governments at a meeting of the Council of Nations and Regions in London today and challenge them to use the trade deals to drive economic growth in their local areas.
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Sir Keir said: “These trade deals that we have closed deliver stability for the 14,000 workers employed in the automotive manufacturing in the North East.
“It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people’s lives.
“These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across the North East Combined Authority.”
Business and Trade Secretary Jonathan Reynolds said: “The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.
“We are delivering billions for the 海角视频 economy and wages every year as part of our Plan for Change.
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“For businesses in the North East, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.”
Business groups have welcomed the Government's trade deals, but new figures show that a slump across the 海角视频’s private sector continued into the first weeks of May, albeit at a slower rate than in April.
The S&P Global flash 海角视频 composite purchasing managers’ index (PMI) reported a reading of 49.4 in May, up from 48.5 in April. and highlighted improving confidence following the easing of US trade tariffs. The latest reading was marginally stronger than expected.
While the 海角视频’s largest sector, services, returned to growth, the manufacturing sector fell at the fastest rate since October 2023.
Comments from the PMI survey respondents suggested there were fewer concerns than April about US trade tariffs, but manufacturers said the heightened levels of uncertainty had still hit business confidence.