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  "path": "/money/economy-uk-gulf-wages-gdp",
  "publishedAt": "2026-05-20T16:00:02.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "British airline collapses into administration with all jobs lost and flights cancelled",
    "'Completely preposterous!' M&S boss launches furious attack on Rachel Reeves's price cap plans",
    "Ftse 100 and pound sterling in the red after shock inflation announcement",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nBritish wages could receive a much-needed raise, and gross domestic product (GDP) growth in the economy may be bolstered by £3.7billion a year under a landmark new deal.\n\nThe UK has secured a trade agreement with the Gulf Cooperation Council, becoming the first G7 nation to strike such a deal with the six-member bloc comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.\n\n###\n\n\n\n\nThis agreement is projected to deliver an annual boost of £3.7billion to the UK economy in the long term, with wages set to rise by £1.9billion each year.\n\nOnce fully implemented, the deal will eliminate approximately £580 million in duties currently levied on British exports to the region, with £360million of those tariffs scrapped from day one.\n\n###\n\n\n\n\n###\n\n\n\n\nThe announcement strengthens economic ties with a strategically significant region whilst providing domestic resilience, according to the Government.\n\nBritish food and drink producers stand to gain significantly from the arrangement, with exports including cereals, cheddar cheese, chocolate and butter becoming tariff-free once the agreement takes effect.\n\nThe GCC currently imports more than 80 per cent of its food supplies, creating substantial opportunities for UK manufacturers of iconic products.\n\nPrime Minister Keir Starmer described the agreement as \"a huge win for British business, and for working people who will feel the benefits in the years ahead through higher wages and more opportunities\".\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * British airline collapses into administration with all jobs lost and flights cancelled\n  * 'Completely preposterous!' M&S boss launches furious attack on Rachel Reeves's price cap plans\n  * Ftse 100 and pound sterling in the red after shock inflation announcement\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nHe added: \"This Government has now secured five major trade deals with international partners, delivering on our commitment to drive growth, support jobs and strengthen the UK economy.\"\n\nThe deal also removes tariffs on medical equipment and advanced manufacturing goods, whilst introducing unprecedented GCC commitments on the free movement of data.\n\nServices represent approximately 80 per cent of the British economy and account for more than half of UK exports to GCC nations, with the sector now guaranteed market access under the new terms.\n\nBusiness Secretary Peter Kyle said: \"I'm proud that the UK is the first G7 country to secure a modern and ambitious trade deal with the GCC an important and growing set of markets.\"\n\n###\n\n\n\n\n###\n\n\n\n\nThe agreement enables British companies to store and process data outside the Gulf region for the first time, eliminating the need for costly local data centres.\n\n****Anthony Houghton, group chief executive officer of Holland & Barrett, said: \"We welcome this landmark agreement, which deepens economic ties between our markets. The Gulf is strategically important for us, as we continue our growth journey and expand our international presence.\"\n\nThe agreement represents the government's fifth major trade deal since taking office, following arrangements with India, the United States, the European Union, and South Korea.\n\nCombined with the India agreement, the two deals are expected to contribute more than £8 billion annually to UK GDP when measured against 2040 projections.\n\nChancellor of the Exchequer Rachel Reeves said: \"This agreement is good for jobs, good for industry and ultimately good for consumers, opening up a world of economic opportunity with a strategically important region.\n\n\"!Our fifth trade deal since taking office, it's proof we are backing British firms to compete and win globally, delivering growth, security and jobs, and that we have the right economic plan.\"\n\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Economy win as UK-Gulf business deal could raise Britons' wages and boost GDP by £3.7bn a year"
}