By cosying up to China, Labour is hedging its bets. This approach has a logic but is fraught with hazards. Keir Starmer’s Government inherited a Brexit mess, with no guarantees that Brussels will agree to a favourable new trade deal.
The return of Donald Trump in 11 days promises turbulence for global trade and diplomacy. To state the obvious, he is not a reliable or predictable ally.The UK has three major global markets where it can do business: America, the EU…and China. Hence Rachel Reeves’ trip to Beijing this week.
No one expects a new “golden era” in relations. How can Britain embrace new business opportunities with China while staying vigilant about the security threats this poses? (Leave your mobile phone at home, Chancellor.)
How can it pivot east without antagonising the US? How can No 10 build closer trade ties with Beijing without compromising entirely on the two nations’ conflicting values? These are not questions that Reeves can answer during her visit. Nor, to be clear, could any other British politician.
Take green energy. China dominates the tech supply chain. Building a functional relationship with the country’s leaders is pragmatic. But the UK must avoid becoming dependent on Chinese technology for our energy security, not least because such reliance gives Beijing leverage over our politics and economy.Reeves is trying to succeed where other chancellors have failed. Wish her luck.
The tough reality for the Chancellor and her team is that igniting UK economic growth – the great test of her political career – will largely depend on what she does on home soil.
X: @olyduff
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