Britain and America hail new 'special relationship' after signing 'Atlantic declaration' economic agreement

8 June 2023, 21:45 | Updated: 8 June 2023, 23:35

Rishi Sunak and Joe Biden announced the partnership today.
Rishi Sunak and Joe Biden announced the partnership today. Picture: Alamy

By Jenny Medlicott

The leaders announced a new economic partnership that will see greater cooperation between the UK and US on matters relating to AI, data protection and civil nuclear power.

Prime Minister Rishi Sunak and President Joe Biden announced on Thursday that they had struck a first-of-its kind innovative economic partnership.

The partnership means the UK and the US will work together 'closer than ever before' across economics, technology, commerce and trade.

Named the ‘Atlantic Declaration’, the partnership means the UK and the US will look at how they have worked together previously on matters related to defence and security and apply these same principles to work together on economics in a similar fashion.

The Prime Minister said the new economic deal will set “a new standard for economic cooperation” and said after Brexit the UK would be a “confident, proud and free” ally to its American partners.

Despite a long-lived hope among former Tory prime minister for a free trade detail with America, this remains off the table.

Rishi Sunak said, however, that the new partnership would provide the “most benefit to our citizens as quickly as possible.”

The partnership will seek to address matters such as AI, and the best way to respond to this emerging technology to avoid potential threats; navigating the development of 5G and 6G technology together; easing trade barriers; closer defence industry ties and a data protection deal.

Mr Biden also confirmed he was looking to the UK to lead on artificial intelligence.

Listen and subscribe to Unprecedented: Inside Downing Street on Global Player

The press conference was slightly delayed due to the leaders meeting later than planned.
The press conference was slightly delayed due to the leaders meeting later than planned. Picture: Alamy

Read more: Boris Johnson given 'warning letter' as former PM handed findings over whether he misled Parliament over Partygate

Read more: Rishi Sunak blames pandemic and Ukraine war for not striking US trade deal

The deal also hopes to mitigate some issues Mr Biden’s green energy deal, known as the Inflation Reduction Act (IRA), created for the UK economy.

The Inflation Reduction Act provides a $3,750 (£2,986) incentive for every electric vehicle, providing that the critical minerals used in its production – principally used in the battery – are sourced from the US or a country the US has a critical minerals agreement.

And the new deal will include proposals for a critical minerals agreement with the UK.

Rishi Sunak said in the conference: “The UK and US have always pushed the boundaries of what two countries can achieve together. Over generations we have fought alongside one another, shared intelligence we don’t share with anyone else, and built the strongest investment relationship in world history.  

“So it’s natural that, when faced with the greatest transformation in our economies since the industrial revolution, we would look to each other to build a stronger economic future together.  

“The Atlantic Declaration sets a new standard for economic cooperation, propelling our economies into the future so we can protect our people, create jobs and grow our economies together.”

Both leaders also emphasised their ongoing support of Ukraine at the conference.

The deal comes after Mr Sunak announced earlier on Thursday that the UK will host the first ever global summit on AI safety this autumn.

More Latest News

See more More Latest News

Mark Feehily announced he's temporarily stepping away from the band amid health struggles.

Westlife star Mark Feehily reveals he’s standing down from the band just days before US tour leaving fans devastated

The Duke of Sussex took legal action against the Home Office over a decision in 2020 to change the level of his personal security

Prince Harry faces £1m bill after losing High Court challenge over taxpayer funded police protection

Rishi Sunak has warned 'mob rule' is threatening to 'replace democratic rule'.

Rishi Sunak calls for end to ‘mob rule’ as he urges police chiefs to get tough on protesters

Biden

President Joe Biden declared ‘fit for duty’ after annual medical test

Thomas Kingston died aged 45.

Lady Gabriella Windsor's husband Thomas Kingston 'died at his parents' £3m country mansion'

Capitol

Supreme Court to rule if Trump can be prosecuted in election interference case

Richard Lewis has died aged 76.

Curb Your Enthusiasm star Richard Lewis dies aged 76 after suffering heart attack

Obit Richard Lewis

Richard Lewis, humorously morose star of Curb Your Enthusiasm, dies aged 76

Robert Brown's lost his bid for parole.

BA pilot Robert Brown who bludgeoned wife to death with claw hammer loses bid for early prison release

Film Oscars-Guide

Everything you need to know about this year’s Oscars ceremony

It is understood that RedBird IMI is offering to help pay the £1.16 billion in debts that the current owners, the Barclay family, owe to Lloyds Bank.

Foreign governments must be banned from owning British newspapers, says former Tory cabinet minister

Creech was due to be taken to the execution chamber where he would be strapped down onto a medical table.

Death row execution abandoned after officials 'unable' to give lethal injection - with inmate's death warrant to expire

Mexico volcano

Flights cancelled as Mexico’s Popocatepetl volcano erupts

Lee Anderson

Police 'looking into hate speech complaint against Lee Anderson' after MP said Sadiq Khan was controlled by Islamists

New data suggests fewer children are starting their education school-ready.

‘Things are poorer than ever before’: Headteacher says as poll finds fewer kids starting education are school-ready

Israel Palestinians

Food aid reaches north Gaza for first time in weeks, Israeli officials say