Chancellor Philip Hammond meets Chinese leaders to continue discussions on free trade relations between the U.K. and China. (Photo : Getty Images)
The United Kingdom wants to open and invite more Chinese investors. Chancellor Phillip Hammond disclosed recently that discussions on free trade have already begun.
Hammond said that the U.K. wants to open up to investments from all over the world. They would want to focus particularly in China, the U.K.'s biggest trade partner.
In spite of the Brexit vote, Hammond clarified that the "EU is not in punishment mode". He did admit that the EU feels disappointed with the vote.
He said, "What we now need to do is get on with it in a way that minimizes the economic impact on the U.K. economy in the short term and maximizes the benefit in the long term."
The Chinese Ministry of Commerce expressed that they want to land a free trade deal with the U.K. Now, the U.K. is expressing mutual interest.
China also said that they would want greater access to the U.K.'s manufacturing and investment sectors. A part of the new trade agreement should make enable China invest in the U.K.'s banking and insurance markets.
If the trade agreement is finalized, Britain will have more exports.
The Chancellor explained that Britain would want to entice other countries outside the EU to put more investments in Britain.
"And as Britain leaves the European Union and is not bound by the rules of the European Union perhaps it will be easier to do deals with Britain in the future," he said.
Even without the EU, Britain intends to build trade relationships with all countries. At present, France and China are in a deal to construct a nuclear power plant worth 18 billion pounds. The plant is to be built in Somerset.
