Britain’s Business and Trade Committee has launched a fresh inquiry into the UK’s economic ties with the United States, its largest single-country trading partner, citing worries that a key bilateral agreement has yet to generate meaningful growth for the British economy.
The committee announced the “stocktake” on Monday, April 13, 2026, just days after reports emerged that OpenAI would not proceed with a previously agreed investment in the UK, underscoring broader concerns about investment and economic momentum in a fragmenting global trade environment.
Rt Hon Liam Byrne MP, chair of the committee, said the US remains vital but the benefits of the deal are unclear.
“The United States is our most important trading partner, but it is not yet clear that this deal is delivering for growth,” Byrne said. “Businesses need more predictability and a clear, dependable joint venture with the United States to ensure we maximise the economic gains as technology advances.”
“Instead, there is uncertainty about what has been agreed, what has been delivered, and what comes next. We will test whether the Government has a credible plan to turn this deal into real gains for trade and investment, or whether the UK risks falling behind as global competition intensifies.”
The Economic Prosperity Deal
The inquiry focuses on the UK-US Economic Prosperity Deal, agreed in principle in May 2025 during the second Trump administration. The non-binding pact aimed to mitigate the impact of US tariffs on British exports and lay groundwork for deeper cooperation, particularly in technology and economic security.
It followed earlier, inconclusive negotiations that began after Brexit. The deal has seen partial implementation, but critics and businesses argue it has not delivered the expected reductions in barriers or surge in trade and investment.
The US accounted for 17% of total UK trade and 22% of UK exports in 2024, making it the UK’s top bilateral partner. However, the global trading system faces increasing pressure from protectionism, tariff escalations, and geopolitical tensions, particularly around China.
The committee’s probe will examine the trade-offs of prioritising closer US ties while managing relationships with other partners, including the EU and India.
Lawmakers plan to scrutinize several key areas before reporting ahead of the summer recess:
- Whether the UK government has a coherent overall strategy for its economic relationship with the US.
- The current state of tariffs and remaining sectoral barriers.
- What the Economic Prosperity Deal has actually delivered so far, and where it is falling short.
- Priorities for future UK-US trade cooperation in an increasingly contested global economy.
The committee is also calling for written evidence as part of the review.
This marks a bi-annual-style stocktake, building on prior committee work. During President Trump’s state visit to the UK in September 2025, the panel had urged “maximum pressure” to secure gains from “prosperity deals” and build a stronger economic security alliance to counter China’s technological influence.
Uncertainty persists over the full implementation of the Economic Prosperity Deal and whether a follow-on Technology & Prosperity Deal can be revived.
Businesses continue to face questions over tariffs, supply chains, and regulatory alignment, which could deter investment and slow growth.
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