Britain now leads global trade, according to Chancellor Rachel Reeves, who hailed recent trade agreements as transformative for the UK economy. Speaking after major deals with the EU, US, and India, Reeves said the UK holds the strongest trade position globally.
She noted that each agreement boosts the UK’s global standing. The recent EU deal, struck during a London summit, covers fishing, energy, defence, and trade. It marks the most significant pact since the UK officially left the EU in 2020.
Meanwhile, a deal with India will ease export barriers on cars and whisky, while reducing tariffs on Indian goods like clothing and footwear. In the US deal, both nations agreed to slash tariffs on selected goods, including beef and food products.
Reeves emphasized that Britain now leads global trade, with the best deal outside the EU and top terms with India and the US. She described the recent progress as deals arriving “like buses,” coming in rapid succession.
The chancellor confirmed that the UK would not engage in trade talks with China for now. She said food and agricultural standards would remain high in all agreements, including with the US and India.
In her view, these trade developments prove that the UK is open for investment. She claimed Britain’s trade standing shows it as the best place for global business. The next focus will be a deal with the Gulf Co-operation Council, which includes Saudi Arabia, Qatar, and the UAE.
Despite opposition criticism, Reeves dismissed claims that the deals sacrificed domestic industries. She insisted that preserving food standards helped seal the EU agreement, which benefits British agriculture.
Opposition figures voiced concerns about the EU pact. They argued it offered too many concessions. Some called for a customs union, while others said the UK gave up too much in fishing and tariffs.
Nonetheless, Reeves highlighted that Britain now leads global trade. She also pointed to economic growth, with UK GDP rising 0.7% in the first quarter. She hopes this momentum will lead to upgraded growth forecasts.
Although some economists raised concerns about employer tax hikes and tariffs, Reeves remained confident. She said the UK economy would continue attracting investment and growing through trade.
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