UK Trade Negotiations US ‘Top List

Mr Digby has warned that even the most enduring relationships "need close care and attention" and is recommending that Britain must "do everything we can to make it easier to trade, invest and drive prosperity on both sides of the Atlantic".

The Confederation of British Industry (CBI) has recommended that Britain put the USA "top of the list" as the Government negotiates future trade and investment relationships.

Britain invested £449bn in America in 2014, making it the single biggest investor in the US economy, according to the CBI's annual sterling assets report.

As the Government negotiates Britain's exit from the EU, "a clear strategy will be needed to boost trade with partners old and new, across the globe," said Ben Digby, international director of the CBI.

He said: "Markets should be clearly prioritised, in consultation with business, to lay the foundations for deep and comprehensive future trade and investment relationships, and the USA must be top of the list."

The UK holds a 15% slice of the £2.2tn of foreign direct investment into America and the recent announcement of three new government offices across America will help to promote British business and develop economic ties following the vote to leave the EU.

British companies supported over one million jobs across America in 2014, nearly a quarter of which were in manufacturing.

The CBI is recommending that the government should look to join the TTIP as a "third party".

US exports to the UK increased to $123bn in 2015, up $5bn on 2014, making Britain the largest destination within the EU and the fourth largest globally for US products.

Trade in services between the two countries hit highs in 2015, with US service exports to the UK rising to $66.9bn and British services exports to the US climbed to $53bn, both up $3bn between 2014-2015.

The UK stood to be up to £10bn a year better off after the Transatlantic Trade and Investment Partnership (TTIP) between the USA and the European Union was implemented.