Today, 22nd May 2024, Prime Minister Rishi Sunak took the unexpected step to call for a general election which will take place on 4th July. The general election gives the UK population the opportunity to vote for their local MP of choice and, ultimately, who the next Prime Minister will be.
It is expected that the economy, NHS and immigration will be the key battlegrounds for the upcoming election alongside the issue of tax for both individuals and businesses.
Clearly this will have huge ramifications on individuals and businesses across the UK including those who trade internationally. Our trade strategy and approach could be amended or redefined following the election results.
It is not just in the UK where elections have brought uncertainty. Time Magazine estimates that at least 64 countries (plus the EU) - representing around 49% of the world’s population - will be hosting national elections in 2024. These include some key UK trade partners such as USA and India. We’ll keep you up to date on the latest developments and how they could shape the UK’s future international trade relationships.
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