The government today announced a landmark £18 billion investment pact with Japan, hailing it as a decisive moment for post-Brexit trade sovereignty. The deal, signed in Tokyo by the Business Secretary, promises thousands of jobs across manufacturing, tech, and green energy sectors. But for workers in the North, where the cost of living crisis bites hardest, the question is whether this will translate into higher wages or just more profits for shareholders.
In Sunderland, where Nissan already employs 6,000 people, the announcement of a new electric vehicle battery plant is the headline grabber. Yet, the union officials I spoke to are cautious. 'We've seen promises before,' said Unite regional secretary Dave Deacon. 'The proof will be in the pay packet. We need guarantees on union recognition and real wage growth, not just job numbers.'
The pact covers sectors from financial services to life sciences, with Japanese firms committing to invest in hydrogen energy and offshore wind. The government insists this will 'level up' regions left behind by decades of deindustrialisation. But in Middlesbrough, where steel mills once stood, the memory of broken pledges lingers.
Critics point out that investment deals are not legally binding. 'This is a memorandum of understanding, not a contract,' said trade economist Dr. Rachel Dobson. 'The real test is whether these flows materialise and whether they create decent work.'
For now, the Treasury projects a £15 billion boost to GDP over five years. But on the streets of Bolton, where zero-hours contracts are rife, shoppers at the market are more worried about the price of a loaf. 'It's all very well having all this foreign money coming in,' said Sandra, a care worker. 'But if my wages don't go up, it means nothing.'
The deal also includes a 'data adequacy' agreement, smoothing the way for tech firms. Yet, privacy campaigners warn of a 'race to the bottom' on digital rights. And while financial services firms cheer easier market access, small business owners in Manchester's northern quarter complain that red tape still chokes exports.
Ultimately, this deal is a political victory for a government seeking to prove Brexit works. But for the 5 million workers earning below the real living wage, the bottom line remains the same: will this fill my fridge and heat my home? The unions will be watching closely, and if the jobs that come are low-paid and insecure, the fight for a fair share will continue.
As one steelworker turned union rep told me: 'We want investment, but we want it with dignity.' For now, the ink is dry on the treaty. But the real accounting begins at the kitchen table.
