New Canadian prime minister is opening up opportunities for economic collaboration with the UK
Canada’s new Prime Minister, Mark Carney, is opening up opportunities for the UK and Canada to work together economically to the benefit of both countries, say leading audit, tax and business advisory firm, Blick Rothenberg.
Melissa Thomas, head of Canada desk at the firm, said: “Mark Carney’s ascensions to the role of Canada’s Prime Minister marks a pivotal moment in international economic relations, particularly for Canada-UK business and trade dynamics.”
She added: “He is proposing to diversify Canada’s economic partnerships, emphasizing stronger ties with the UK and EU. This offers significant opportunities for Canadian/UK trade expansion, sectoral collaboration, and geopolitical realignment.”
Melissa said: “Mark Carney’s well publicised dual expertise in Canadian and UK financial systems presents opportunities for London/Toronto cross-border investment. During his time at the Bank of England from 2013 to 2020, Mark Carney modernised monetary policy frameworks and pushed for enhancements in transparency in financial regulation. These reforms could serve as a model for further aligning Canadian and UK banking standards. The key areas for collaboration could include:
- Fintech Innovation: Toronto’s booming fintech sector, ranked third globally in 2024, could partner with London’s financial giants to develop new offerings in areas such as blockchain-based payment systems or AI-driven risk assessment tools.
- Green Bonds: Canada’s planned sovereign green bond issuances, aimed at funding renewable energy projects, may attract UK institutional investors seeking climate-aligned assets.
- Pension Fund Alliances: Canada’s large public pension funds and UK counterparts could co-invest in transatlantic infrastructure projects, such as offshore wind farms or smart cities, both high agenda items for each government.”
She added: “Another collaborative opportunity is the supply of critical minerals which are essential for renewable energy technologies. The UK seeks to dominate electric vehicle (EV) production and battery storage systems making it a natural partner for Canadian mining firms.”
Melissa said: “Mark Carney’s emphasis on ‘transition investing’ could see opportunities for joint ventures in sustainable mineral extraction and processing. UK automakers like Jaguar Land Rover could look to secure long-term supply agreements with Canadian miners, reducing their reliance on Chinese-dominated supply chains.”