An upgraded UK and EU trade deal: at a snail's pace
Limited progress has been made in upgrading the UK-EU trading relationship – and it's likely that talks will not begin in earnest until the parties have reached agreement on a defence pact. That said, the reluctance of the US to continue support for Ukraine is likely to give any security pact renewed urgency – and it may be that the new US administration's aggressive stance on trade provides fresh impetus for the UK and EU to seek to improve upon the existing Trade and Cooperation Agreement. At the time of writing, however, incremental improvements to that agreement seem the most likely outcome – which is unlikely to be a game-changer in terms of the UK's economic performance.
