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UK Government Says No Protectionism

by: Sarah Joson

Friday, December 14, 2012 | Outsourcing News |

During an interview with BusinessMirror, Hugo Swire, a visiting Minister of State at the Foreign and Commonwealth Office, said the British government has no plans of coming up with a bill similar to the Bring Jobs Home Act proposed before the United States Congress. He noted that even if the British economy is in crisis, they will not prioritize protectionist methods.

When asked if they are thinking of creating a similar bill which is supported by US President Barack Obama, he said they believe that such acts are short-term solutions with long-term consequences. He noted that it is common for some politicians to respond to economic depression by creating such barriers.

Moreover, Swire stated that protectionist measures could only lead to more problems because each country’s strength relies on its ability to be globally competitive and have a globalized economy to attract more investors, and barriers will only weaken local industries.

Bring Jobs Home bill shook the BPO industry

The Bring Jobs Home bill was sponsored by reelectionist Democrat Sen. Debbie Stabenow of Michigan, and shook the business process outsourcing (BPO) industry, including the Philippines’, as they lobbied for approval before the US Congress. The bill was designed to address the economic crisis in the US. It is aimed to modify tax provisions and eliminates government grants for businesses that outsource offshore.

Swire added that they are opposing protectionist measures and reiterated that the UK is open to investments and is a part of the global trade.


Source:
http://businessmirror.com.ph/

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