Gains from a UK trade deal with India could be on a par with those from an agreement with the US but risks exposing the economy to tougher competition, a report says.
The Resolution Foundation thinktank said successful talks between London and New Delhi had the potential to gain “first-mover” advantage in India and replicate the success of German manufacturing exporters to China.
But the report noted there was a risk of Britain’s business services firms – one of the economy’s strongest sectors – being undercut by lower-cost Indian rivals in a repeat of the hollowing out of US manufacturing by Chinese competition.
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