Britain will not rush into a trade deal with the United States or change its food or car safety standards, Rachel Reeves, the British chancellor of the Exchequer, said in Washington on Wednesday. When asked about reports that the Trump administration wanted Britain to lower its tariffs on cars to 2.5 percent from 10 percent,…
The British government ramped up actions to help protect businesses and households from some of the economic tumult created by President Trump’s decision to raise tariffs and upend the norms of global trade. The government said on Sunday it would suspend tariffs on 89 products for about two years to help businesses and consumers save…
Britain became a byword for self-inflicted economic harm and instability after Brexit and former Prime Minister Liz Truss’s calamitous tax cuts. But now, the country sees an opportunity to serve as a haven from the trade war that is rattling markets and the global economy. Last week, President Trump limited the U.S. tariffs on Britain…
Sir Keir Starmer has refused to rule out tax rises in the autumn budget but said the decision not to increase tax in the spring statement indicated the “mindset” of the government. “We did have manifesto commitments in relation to tax and what taxes we wouldn’t raise — and we kept good to those promises,”…
US tariffs could wipe out the chancellor’s £9.9 billion fiscal buffer, according to the independent budget forecaster. Richard Hughes, the chairman of the Office for Budget Responsibility, said that if the US chose to impose 20 per cent in tariffs on trade partners around the world and the UK retaliated it would reduce UK economic…
Rachel Reeves’s spring statement must offer “a bit of a reset”, George Osborne, a former chancellor, has warned. “The government didn’t get off to the best of starts but they had a lot of goodwill,” he told Bloomberg TV at the HSBC Global Investment Summit in Hong Kong. “They inherited a lot of problems but…