British business minister Jonathan Reynolds said Britain and the European Union were finding a way through concerns over the bloc's proposed Made in Europe rules, which would favour European-made goods in public procurement and subsidies.
British business minister Jonathan Reynolds said on Tuesday that Britain and the European Union were finding a way through concerns over the bloc's proposed Made in Europe rules, a source of uncertainty for UK manufacturers and investors.
Reynolds told Sky News that a lot of work was under way between the two sides as businesses sought greater clarity over the proposals, which would favour European-made goods in public procurement, auctions and subsidy schemes covering sectors including electric vehicles, batteries and other clean technologies.
The proposed rules pose a particular threat to Britain's car industry and form part of the EU's efforts to reduce reliance on cheap imports, particularly from China. Reynolds said: I think we're finding a way through that.
Reuters reported earlier in October that France and Germany were discussing a compromise that could allow Britain to be treated as a trusted partner under the scheme, if it agrees to align with the bloc on tariffs on China. That compromise reporting comes from Reuters's earlier account, cited in the October 27 report, and no final proposal has been published.
Any final proposal would require approval from EU governments and the European Parliament, so Reynolds's remarks signal negotiation rather than agreement. For British manufacturers, the outcome will decide whether they keep competitive access to European public contracts and subsidies in electric vehicles, batteries and clean technology, or face a new set of trade barriers after Brexit.