The European Union and the United States are in talks for an ambitious transatlantic trade deal that could add up to £100bn to the European economy and £85bn to that of the US.

Next month, talks will start in Washington DC to hash out a massive trade deal that could benefit the world economy. According to UK Prime Minister David Cameron, “this is a once-in-a-generation prize and it must be seized.”

The UK government is hopeful that the negotiations will be completed within two years.

"This is a priority for the United States," US President Barack Obama explained. "We will give negotiators a strong mandate but we will have to intervene to break through logjams."

Some European nations, such as France, insist that the creative industries, such as Hollywood, are excluded from the planning.

According to Cameron, the deal will undoubtedly lead to economic growth including more jobs, reduced prices, and improved choices throughout Europe, primarily in the UK. Government officials believe that the trade deal could grow British trade by more than £10bn – that’s about £380 per household.

As one of the biggest trade deals in history, the impact would be likely felt globally, with two million jobs created.

"The whole point is to fire up our economies and drive growth and prosperity around the world. To do things that make a real difference to people's lives. And there is no more powerful way to achieve that than by boosting trade,” said Cameron.