1 day Ago
UK Celebrates Huge Trade Wins
Chancellor Rachel Reeves has claimed that the UK is in a new era of trade with 'best in world' deals secured with major economies, in move opposition called 'subsidies for special friends' Chancellor Rachel Reeves said the move would put businesses in the UK in the best possible to succeed in the world because the country will have access to the best trade terms globally after inking more deals since Brexit.
Reeves told the BBC that the recent agreements with the EU, US and India were an important moment in Britain's post-Brexit trade strategy. She also added that the UK was now wanting to conclude a trade deal with the Gulf Co-operation Council (GCC), which is composed of Saudi Arabia, Qatar and the UAE.
But Reeves said the UK was not pressing for trade talks with China, though in the past it has sought to build a long-term relationship with Beijing.
A Series of Trade Deals and an Economic Share Boost
The chancellor compared the trade agreements to buses — "they've all come at once." She claimed the UK had:
Initial and Best Deal for US
Closer integration with the EU than any non-member
The best Brexit deal with India: cutting tariffs on whisky, cars and Indian clothes imports
Reeves thinks these deals can help ramp up up UK growth forecasts - especially after official figures revealed a better than anticipated 0.7% increase in GDP for the first quarter.
Monday's EU deal involves work on fishing, energy, defence and trade. While the deal keeps some fishing rules, it concessions on food export checks — a massive win for UK agriculture and fisheries.
Reeves said that British food standards had been maintained in those deals with India and the Trump administration, and added, "Standards matter to us — and they matter for our biggest agricultural market, which is the EU, still."
Next Target: The Gulf Region
The government already seeks trade deal with the six-nation GCC, which would allow the UK to extend its global reach still further, Reeve has stated. She added, "These agreements demonstrate we are a new country on the world stage." Britain now, she said, has "attractiveness" for business and investment because it has privileged access to major world economies.
Economists remain cautious – they say US tariffs and an increase in employer National Insurance contributions could hold back growth – but Reeves is sanguine.
"We are projecting 1% growth this year. With 0.7% ups seasonally-adjusted already in the first quarter, the (recent) trade agreements could add to this," she said.
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