Chancellor Rachel Reeves has proclaimed that the º£½ÇÊÓƵ is now in a more advantageous position regarding trade "than any other country in the world" following the clinching of new trade deals with India, the US, and the EU this month.
Reeves remarked that the agreements have "come along like buses," highlighting that the government's forthcoming trade deal ambitions are centred on the Gulf region, as reported by .
"The first deal and the best deal so far with the US, we've got the best deal with the EU for any country outside the EU, and we've got the best trade agreement with India," stated Reeves.
Nonetheless, the government's celebrations over these trade achievements were somewhat dampened by criticisms suggesting the º£½ÇÊÓƵ has conceded too much to finalise agreements with these major economies.
The most recent agreement, announced at the º£½ÇÊÓƵ-EU summit on Monday, drew accusations of "sell[ing] out" or "surrender" from members of the Reform and Conservative parties.
Under the terms of the deal, the º£½ÇÊÓƵ has granted EU fishing fleets access to British waters for 12 years – a duration that exceeded initial expectations. This arrangement denies º£½ÇÊÓƵ fishermen the chance to negotiate annually for a greater share of the catch, a point Business and Trade Secretary Jonathan Reynolds defended by arguing it "removes the uncertainty" associated with "annual haggling process," offering instead "the consistency of a long one."
'Slashing red tape'
The government has announced that its trade deals have opened up significant markets, resulting in reduced tariffs on º£½ÇÊÓƵ exports such as cars and steel, and cutting bureaucracy for º£½ÇÊÓƵ food exports, which is expected to greatly benefit smaller producers.
Starmer has highlighted that these agreements have "made Britain a place where people want to do business once again."
Echoing this sentiment, Reeves told the BBC, "we've got preferential deals with the biggest economies around the world."
However, polling conducted by City AM and Freshwater Strategy suggests that finalising the US trade deal has done little to boost Starmer's standing with voters – over 60 per cent of respondents said that obtaining concessions from President Donald Trump's tariffs did not alter their view of the Prime Minister.
Reeves has signalled that the government will refrain from entering into negotiations with China, following Labour's dismissal of Chinese concerns that the º£½ÇÊÓƵ-US deal could harm the Chinese economy.
Later on Tuesday, Reeves is scheduled to participate in a G7 finance ministers meeting, where counterparts from France, Germany, Japan, Italy, and Canada will deliberate on how to handle President Trump's policies on trade, climate change, and Ukraine.
