British business minister Jonathan Reynolds said on Tuesday that Britain and the EU are finding a way through concerns over "Made in Europe" rules. These proposals create uncertainty for UK manufacturers. "I think we're finding a way through that," Reynolds said. Officials are now working to protect key industries.
LONDON, Oct 27 (Reuters) - British business minister Jonathan Reynolds said on Tuesday Britain and the European Union were "finding a way through" concerns over the bloc's proposed "Made in Europe" rules, a source of uncertainty for UK manufacturers and investors.
Reynolds said "a lot of work" was under way between the two sides as businesses sought greater clarity over the proposals, which would favour European-made goods in public procurement, auctions and subsidy schemes covering sectors including electric vehicles, batteries and other clean technologies.
Sign up here.
The proposed rules, which pose a particular threat to Britain's car industry, form part of the EU's efforts to reduce reliance on cheap imports, particularly from China.
"I think we're finding a way through that," Reynolds told Sky News. "A lot of work is going on in government between ourselves and the EU to find a way through that".
Reuters reported earlier this month that France and Germany were discussing a compromise that could allow Britain to be treated as a trusted partner under the scheme, if it agrees to align with the bloc on tariffs on China.
Any final proposal would require approval from EU governments and the European Parliament.