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A new report from The Entrepreneurs Network, Britain’s leading think tank for entrepreneurship policy, urges the UK Government to prioritise a free trade agreement with the incoming Trump Administration if it is to deliver on its ambitions to become the fastest-growing economy in the G7.
The report also outlines six other steps the UK Government should take to empower scaling businesses to fulfil their transatlantic potential.
Based on extensive interviews with founders of British startups that have succeeded in the US market, and those who are helping others to do so, the recommendations proposed by The Entrepreneurs Network are designed to make the expansion process more efficient. These include the creation of a reciprocal ‘Explorer Visa’ for founders looking to expand their business and the launch of an International Business Digital Passport.
In President-elect Donald Trump’s first term, the UK and US held initial talks about a free trade agreement, but these collapsed when President Joe Biden was elected in 2020. America is the UK’s largest trading partner, accounting for 17.7% of total British trade, and agreeing to a deal would deliver economic gains and further progress on other objectives such as shared national security, the report argues.
If a full free trade agreement proves elusive, the report argues that sector- and state-specific agreements should be pursued instead. This approach could potentially include digital trade, advanced manufacturing, financial services, or intellectual property. To facilitate this, a UK-US Entrepreneurs Council should be established, modelled on the EU-US Trade and Technology Council. Progress here could then help make the case for a full tree trade agreement, the report notes.
While a free trade agreement would address many of the concerns founders voiced during the research, other standalone policies could also pay dividends for Britain’s entrepreneurs. Other recommendations put forward by The Entrepreneurs Network include piloting an accelerator aimed at businesses wanting to expand into the US and developing a UK-US market entry intelligence platform.
The seven recommendations in full:
- Strike a free trade agreement between the UK and the US
- The UK Government piloting an accelerator aimed at businesses wanting to expand into the US
- Creating an International Business Digital Passport to streamline many bureaucratic steps involved in doing so
- Holding regular in-person and virtual office hours in US-based UK consulates to help founders with on-the-ground expertise
- Develop a UK-US market entry intelligence platform to highlight opportunities for growth to businesses considering international expansion
- Convene US and UK regulators to slash insurance complexities for companies expanding to the US
- Working to introduce a reciprocal ‘Explorer Visa’ between the two nations that would enable founders to undertake the exploratory steps necessary to start a business in a new market.
Philip Salter, Founder of The Entrepreneurs Network, said: “The ties that bind Britain with the United States are strong and enduring. Businesses are central to our special relationship, with trade serving as the bedrock of mutual prosperity.
“But for too long the prosperity we’ve seen in the US hasn’t been matched in the UK. Entrepreneurs are pivotal to deepening this relationship. By removing barriers to expansion, we can unlock their potential and ensure that UK businesses can scale into the world’s largest economy.”
Steve Rigby, Co-CEO of Rigby Group, said: “This year, the British and American people have exercised their rights and given their respective governments an electoral mandate.
“With this power, the governments should look to form a closer bond between two prosperous and innovative nations. The UK Labour Government has the opportunity to truly foster economic growth and stimulate job creation by providing greater access to a country with a GDP 8.2 times the size of our own. “Such a relationship will only become more necessary over time, especially as nearly half of British businesses say that international trade is of increasing importance to them.”
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