Healey to ask EU finance ministers to let UK into scheme
UK Chancellor John Healey will meet EU finance ministers in Dublin on Friday to push for inclusion in the Made in Europe industrial protection scheme.
Stock photo for illustration only, not from the actual event
- John Healey meets EU finance ministers in Dublin on Friday
- Chancellor pushes for UK inclusion in the Made in Europe (IAA) scheme
- Government concerned British firms could be locked out of EU supply chains
- Discussions cover technology, defense, and manufacturing partnerships
UK Chancellor John Healey is set to warn the European Union not to exclude the United Kingdom from its industrial protection framework designed to counter unfair competition from China. Healey will travel to Dublin on Friday to attend a meeting of EU finance ministers, where he will advocate for deeper bilateral partnerships in technology, defense, and manufacturing.
According to Treasury officials, Healey will stress the necessity of learning from past mistakes, specifically pointing to the breakdown of talks last year regarding British participation in an EU defense loans scheme. That previous dispute primarily revolved around financial contributions required for UK membership in the defense initiative.
Stock photo for illustration only, not from the actual event
At the center of current discussions is the Made in Europe policy, officially designated as the Industrial Accelerator Act (IAA). The bloc is actively evaluating the legislation, which aims to safeguard European manufacturing by imposing restrictions on goods originating outside the region. However, British officials have raised alarms that the policy risks shutting UK businesses out of vital European supply chains.
The Made in Europe or Industrial Accelerator Act (IAA) represents a strategic legislative push by the European Union to secure its domestic manufacturing base against intense global competition, particularly from subsidized Chinese goods. For the UK, navigating post-Brexit economic realities requires securing access to these integrated European industrial networks without compromising national financial sovereignty, a delicate balancing act that previously derailed defense funding negotiations.
Treasury sources indicated that Healey aims to mitigate the economic repercussions of Brexit and foster stronger ties with Brussels, provided it serves the UK's national interest. Healey stated that future economic growth across Britain relies on establishing robust connections, noting that closer collaboration with the EU grants British companies better access to both necessary supply chains and expanded customer bases.
"The chancellor wants to make sure nothing holds them back."
Treasury Source
The Dublin meetings also coincide with ongoing deliberations regarding potential UK membership in the Defence, Security and Resilience Bank (DSRB), a Canadian-led initiative designed to lower government borrowing costs for military spending. Meanwhile, a broader diplomatic reset summit with EU leaders has been rescheduled for November following Sir Keir Starmer's resignation as prime minister.
Source: BBC Business
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