UK Chancellor John Healey is set to urge European Union finance ministers to ensure Britain is not shut out of the bloc’s emerging “Made in Europe” industrial strategy when he meets EU counterparts in Dublin on Friday.
Healey is expected to argue that the EU’s plans to strengthen European manufacturing should deepen economic cooperation with Britain rather than create additional barriers for UK companies operating within European supply chains.
The UK Chancellor is also expected to push for stronger partnerships between Britain and the EU in key areas including technology, defence and manufacturing. The discussions come as London seeks to rebuild economic and trading relationships with the bloc several years after Brexit.
According to reports, the “Made in Europe” policy is designed to strengthen European industry and reduce dependence on products and components from outside the bloc, particularly China. The proposed approach could give European companies greater priority in public procurement and industrial support.
The policy has raised concerns in Britain, particularly among companies that supply European industries. Reuters reported that British automotive suppliers could be affected because the UK sends around £15 billion worth of automotive exports to European markets each year.
Healey is expected to use the meeting to make the case that British businesses remain closely connected to European manufacturing networks and should not face new obstacles because of their location outside the EU.
Treasury sources have indicated that the Chancellor wants the EU to design its industrial policy in a way that “lands a good deal for all”, rather than creating new barriers between British and European businesses.
The meeting also comes after the collapse of talks over British participation in the EU’s Security Action for Europe (SAFE) defence loans programme. Healey is expected to tell EU counterparts that both sides should learn from that experience as they consider future cooperation.
The Chancellor’s appearance in Dublin is particularly significant because it marks his first meeting with EU finance ministers since becoming UK Chancellor in July.
Britain’s Labour government has been seeking closer relations with the EU on trade, defence and economic cooperation. Healey’s approach suggests that London wants future arrangements to give British companies greater access to European markets while maintaining the UK’s position outside the bloc.
For businesses, the outcome of discussions around the “Made in Europe” strategy could have implications for companies involved in manufacturing, automotive production, technology and other industries that rely on cross-border European supply chains.