In a week that will end with the UK’s accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) on Sunday (15 December), there is also set to be a visit to Europe for the UK chancellor, an important Windsor Framework vote, and new data on GDP and inflation for some of the world’s biggest economies.
Reeves in Europe
Chancellor Rachel Reeves is in Brussels tomorrow (10 December), where she will attend the Economic and Financial Affairs (Ecofin) meeting, a conference of the EU’s finance ministers.
The trip is aimed at boosting cooperation between the UK and European nations, and forms part of the ‘reset’ with the EU being pursued by prime minister Sir Keir Starmer’s government. The meeting overall, however, is not expected to focus on this reset.
It isn’t unprecedented for finance ministers from outside the bloc to attend, as US Treasury secretary Janet Yellen attended in 2023. Reeves’ focus at the meeting is likely to be on areas of ‘common interest’, particularly on support for Ukraine and the G7 agenda.
Northern Ireland vote
Tomorrow marks another milestone in the UK-EU relationship following Brexit, as the Northern Ireland (NI) Assembly holds a consent vote on the Windsor Framework.
The Windsor Framework – the successor to the Northern Ireland Protocol agreed following the UK’s exit – was part of a later agreement struck by then-PM Rishi Sunak’s Conservative government early in 2023.
Now, members of Stormont will have their say on the arrangement, with a potential review required by the UK government depending on the outcome.
A private members’ bill debated in the Assembly last week, which was presented by a member of the Traditional Unionist Voice party, sought to replace the Framework. The debate did not pass to the next stage as it ended before there was time for a vote.
Stats releases
A stream of statistics is due this week, with inflation rate data due for three of the world’s four largest economies: the US, China and Germany.
There is also a GDP update today from the third-largest economy, Japan. The Asian nation’s growth and export figures have both been rounded up, according to Reuters. Annualised GDP was up 1.2% compared to an initial figure of 0.9%, while external demand – meaning exports minus imports – was revised up to a figure of -0.2, an improvement on the -0.4 figure in the preliminary reading.
UK GDP figures are also due this week, after the Office for National Statistics (ONS) found that growth contracted to 0.1% over the three-month period from July to September in numbers it published last month.
Parliamentary affairs
The Business and Trade Committee holds an oral evidence session tomorrow at 2.30pm, this time focusing on the export of arms to Israel. It follows the announcement in September that the government would suspend 30 of 350 export licences to the country.
Tuesday also includes a session in the House of Lords on the opportunities and barriers for artists in Europe – both in terms of physical exports and for touring musicians, a major UK cultural service export.
In September, figures from the music industry called on the UK government to ease challenges for musicians looking to tour Europe following Brexit. A survey found that month that 50% of musicians consider such a tour unviable following the UK’s exit.
On Thursday, meanwhile, there will be a session for oral questions to business and trade secretary Jonathan Reynolds in Parliament at 9.30am.
Other dates for the diary
Monday: OECD report on Latin America
Tuesday: OECD Survey of Adult Skills published
Wednesday: UK Food Security Report 2024 published
Thursday: European Central Bank sets interest rate
Friday: EU October industrial production figures published
Saturday: Georgia presidential election
Sunday: UK accession to CPTPP
Member exclusive
