Tue, 20 May 2025

Tue, 20 May 2025 UK now best placed country on trade - Reeves

The chancellor tells the BBC the latest trade agreements with the EU, US and India will boost economic growth.
UK Chancellor Rachel Reeves claims the country's recent trade deals with the US, India, and EU have put Britain in a better economic position than any other nation worldwide. The deals are expected to boost the UK's economic growth, which may lead to an upgrade from current forecasts. Reeves stated that the agreements demonstrate Britain is an attractive destination for investment and business due to its preferential trade relationships with major economies. The government has secured three significant trade deals:
* A pact with the US reduces tariffs on some goods traded between nations.
* An agreement with India eases exports of whisky, cars, and other UK products to the country while cutting taxes on Indian clothing and footwear exports.
* The EU deal extends current fishing rules, reduces checks on UK food exports in exchange for maintaining or increasing certain quotas. Reeves also announced that a trade pact with Gulf nations, including Saudi Arabia and Qatar, is the next priority for the government. However, she clarified that the UK will not engage in new trade negotiations with China. Opposition parties have criticized some concessions made in these deals, citing concerns about their implications on national interests.
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