Welcome to the December BABN Policy and Trade Update.
November brought a flurry of activity on both sides of the Atlantic. In the UK, the government unveiled its much‑anticipated Autumn Budget, setting the tone for the year ahead. Meanwhile in Washington, the US Supreme Court heard oral arguments in the IEEPA case on presidential tariff powers. We also examined the implications of the proposed de minimis removal and contributed to the US‑UK Transatlantic Taskforce for Markets of the Future.
As an eventful year for US‑UK policy and trade draws to a close, we are already looking ahead to 2026, the 250th anniversary of US Independence. With a Financial Services Taskforce report scheduled for March, discussions planned around AUKUS, defence spending, energy security and costs, and continued progress on the Economic and Technology Prosperity Deal, there is much to look forward to. From all of us at BAB, we wish you a happy holidays.
See below for a breakdown of policy and trade headlines and our published works.
HEADLINES
UK Budget
26 November 2025
Chancellor of the Exchequer, the Rt Hon. Rachel Reeves, announced the governments Autumn budget on 26 November.
What we said: BAB welcomed the government’s focus on growth, entrepreneurship and investment, including targeted support for innovation, AI growth zones, nuclear energy, and low-carbon initiatives. These measures were recognised as bolstering future-facing industries and reinforcing commitments under the UK-US Tech Prosperity Deal.
On the other hand: BAB voiced concerns that the budget was a little underwhelming and fell short on fundamental business issues.
- Business rates relief has been scaled back, increasing cost burdens.
- There is a notable lack of broader energy support, leaving companies exposed to market volatility.
- Persistent concerns over the Employment Rights Bill (now Act).
BAB explained that alongside the budget, the UK must address basic competitiveness challenges: tax policy; energy affordability; and regulatory clarity.
Read more: Our full statement can be found on our website
Transatlantic Taskforce for Markets of the Future (TTMF)
September – December 2025
On 22nd September 2025, UK Chancellor Rachel Reeves and U.S. Treasury Secretary Scott Bessent announced the establishment of the TTMF at Downing Street during a joint roundtable. Chaired jointly by officials from both treasuries, the Taskforce has a mandate to research two core areas:
- Capital Markets Integration
- Short and medium-term collaboration options while regulatory regimes are still evolving.
- Long-term vision for wholesale digital market innovation.
- Digital Assets & Innovation
- Streamlining cross-border capital raising to reduce burden on firms.
- Enhancing market competitiveness and investor access.
A consolidated report of recommendations is expected within 180 days, via the UK-US Financial Regulatory Working Group (FRWG).
BAB held a discussion with US and UK government last week, with a written submission expected before the end of the year of practical recommendations. This will be published in early January 2026.
US-UK IP Working Group
17 November 2025
What is the US-UK IPWG?: The US-UK IP Working Group is a bi‑annual, industry-led forum convened by BAB and the U.S. Chamber of Commerce, which was launched in October 2023. The purpose of the Working Group is to deepen US-UK cooperation on intellectual property policy by convening industry and government officials to discuss IP matters of importance.
What happened: BritishAmerican Business (BAB) and the U.S. Chamber of Commerce convened the 4th meeting of the US-UK IP Working Group. Participants included representatives from leading transatlantic businesses, as well as officials from both the UK and US governments. The meeting featured keynote remarks from Tanuja Garde, Director of the Intellectual Property, Government Procurement and Competition Division at the World Trade Organization (WTO). The meeting was moderated by Kelly Anderson, Vice President of International Policy at the U.S. Chamber, and Daniel Hurley, Policy Manager at BAB.
The discussion covered the following topics:
- WTO Areas of Focus
- Institutional Reform
- Post-Pandemic Debates
- IP-related Discussions
- MC14 Agenda Setting
- US-UK Collaboration at WIPO & WTO
- Standard Essential Patents
- Government-to-Government Engagement Opportunities
Read the summary note here.
ADDITIONAL TOPICS
POLICY WORK
US-UK Pharmaceutical Deal
1 December 2025
TRADE UPDATES
Technology Prosperity Deal Updates
15 December 2025
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