Healey to ask EU finance ministers to let UK into industry scheme

Primary Journalistic Dispatch & Direct Reporting

Image source, PA Media Image caption, John Healey is meeting EU finance ministers on Friday

The chancellor is to warn the European Union (EU) not to lock the UK out of its scheme to protect industries from unfair Chinese competition.

John Healey will push for closer UK-EU partnerships on tech, defence, and manufacturing at a meeting of EU finance ministers in Dublin on Friday.

In-Depth Developments & Factual Context

But he will call on the EU to design its "Made in Europe" programme in a way that deepens ties with the UK "rather than erecting new barriers", Treasury sources told the BBC.

Officials said Healey will tell European finance ministers it is important to "learn lessons" after talks collapsed last year for Britain to join an EU defence loans scheme.

That dispute centred on how much money the UK would pay to join.

Industry Impact & Strategic Analysis

The "Made in Europe" policy, officially called the Industrial Accelerator Act (IAA), is currently being considered by the bloc and aims to protect EU manufacturing with restrictions on goods from outside countries.

There is concern in government the scheme could lock British firms out of European supply chains.

Treasury officials said Healey wanted to reduce the economic impact of Brexit and build closer ties with the EU, but not at any cost to the UK.

Forward Outlook & Market Perspective

Healey said: "The next chapter of Britain's growth story will be written in more places.

"To me, closer ties with the EU means British businesses – wherever they are based across the UK – get better access to both the supply chains and the customers they need to grow."

Healey will use the meeting in Dublin to focus on tech firms, defence companies, and manufacturing.

"The chancellor wants to make sure nothing holds them back," a Treasury source said.

It comes after a reset summit with the EU was delayed after Sir Keir Starmer's resignation as prime minister.

Treasury sources now expect that to take place in November.

Reporting synthesized and verified under Nexvoro.tech editorial guidelines. Full primary records referenced via BBC Business.