Record growth in UK factory output, but price pressures grow – business live

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The UK is beginning negotiations to join a free trade alliance with Asia-Pacific countries, a key part of its attempts to pivot trade away from Europe after Brexit.

Britain will hold virtual talks to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), strengthening trade links with the 11 countries in the group, which represent a market of 500 million people.

The existing members of the trade alliance are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The UK government has said a deal with the group would open new markets for Britain’s service industries, while lowering tariffs on exports of goods such as cars and whisky.

British exports to the 11 members of the CPTPP will increase by 65% to £37bn by 2030, according to government estimates. It said UK trade with CPTPP member countries grew by 8% annually between 2016 and 2019.

“This part of the world is where Britain’s greatest opportunities lie. We left the EU with the promise of deepening links with old allies and fast-growing consumer markets beyond Europe,” the trade minister, Liz Truss, said.

“It is a glittering post-Brexit prize that I want us to seize.”

Here’s the full story:

Life after Brexit hasn’t been very glittering for British food and drink manufacturers so far, though — exports the EU tumbled in the first quarter of the year….