Britain's Prime Minister Keir Starmer (L) and Britain's Chancellor of the Exchequer Rachel (Image: POOL/AFP via Getty Images)
The UK’s new trade deals with the US and India are a clear validation of Brexit – but Sir Keir Starmer’s EU reset could squander these hard-earned gains, a UK-based financial expert has warned. Bob Lyddon, a specialist consultant in international banking and the founder of Lyddon Consulting Services, argued that the recent trade agreements, which have seen the UK secure deals with two of the world’s largest economies, prove that the UK was right to quit the EU in 2016.
But he cautioned that Sir Keir’s Labour Party, currently committed to re-engaging with Europe, could undermine the progress achieved through Brexit. Mr Lyddon, who also branded the Prime Minister and his Chancellor Rachel Reeves “Sooty and Sweep”, said: "Starmer and his gang of incompetents will, in their desperation to drum up some good economic news, have given too much away. At the very least, they have tried to take 100% of the credit for something that was only 2% of their own doing. The remaining 98% is attributable to Brexit and the freedoms it conferred on us."
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Sir Keir Starmer, pictured with French President Emmanuel Macron in Kyiv on Saturday (Image: Getty)
Mr Lyddon’s remarks come in the wake of the UK’s successful trade negotiations with the US, led by President Donald Trump and India this month, which he sees as a powerful testament to the opportunities Brexit provides. Both deals, while not without their challenges, promise to open up vast new markets for UK businesses, with India alone representing a market of over 1.4 billion people.
The agreement with the US, meanwhile, strengthens the UK’s relationship with its key ally in areas ranging from technology to defence.
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The deal with India has been hailed as a major breakthrough following years of negotiations. Mr Lyddon, however, has been critical of the handling of the talks, suggesting that although the agreements are undoubtedly a success for the UK, they reflect Brexit’s influence more than any direct involvement by the Labour leadership.
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Mr Lyddon, who also aired his views in an interview with Money Magpie this week, said: "If there are deficiencies in these agreements, the Tories share the blame for them with the no-hopers who are now at the helm. It may take four years before someone else can truly leverage these agreements and negotiate improvements."
While Mr Lyddon is largely supportive of the new opportunities the UK’s newfound freedom provides, he stressed that Labour’s focus on resetting ties with the EU – embodied in Sir Keir’s leadership – risks undermining the potential of Brexit.
He warned that the UK’s progress could be derailed by the Labour Party's “active and strategic” intervention in economic matters, which Mr Lyddon fears will only complicate things.
Mr Lyddon said: "Starmer’s EU reset – now superfluous for the UK economy – could yet undermine the progress made with the rest of the world."
Chancellor Rachel Reeves (Image: Getty)
According to Mr Lyddon, the UK is now in a far stronger position thanks to the new trade deals and its detachment from the EU.
He added: "Without Brexit, the UK would have been sucked further into the vortex of the euro.
"Trump’s analysis is fundamentally correct: the EU – and still more the Eurozone – is a protectionist regime, with high prices and high entry barriers, created by rules and regulations directed by the state and drafted by major EU suppliers.
"It is not a free market, it is inward-looking, stagnating and drowning in debt."
Mr Lyddon claims that the EU’s economic structure is fundamentally flawed, and its protectionist policies make it a poor model for the UK to follow.
He asked: "Why would the UK want to emulate that, or allow its rules and practices to seep any further into what we do here?"
Even as Mr Lyddon criticises the Labour leadership, however, he remains hopeful about the long-term prospects for UK businesses.
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The new trade deals, when added to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), will give UK exporters access to a huge range of markets across the world, say advocates.
But there’s one immediate risk, according to Mr Lyddon.
He stressed: "The risks for the UK are all in the short term – until the next General Election in 2029.
"Starmer and Reeves could still squander the opportunities by their interventions. Were they now to do nothing at all, the UK’s businesses and people could get on with making a success of it."
Mr Lyddon is sharply critical of Sir Keir's economic agenda. He views the Labour Party’s focus on raising the minimum wage and increasing employer contributions as misguided and potentially damaging to the UK’s recovery.
He added: "Starmer continues to inflict financial damage on the UK internationally, while Reeves continues to do it domestically.
"The higher Minimum Wage and higher Employer National Insurance Contributions have now kicked in, and we await the first indications of whether these measures have started to close the yawning gap between revenues and day-to-day costs or have driven the private sector of the UK economy further into the dust."
For Mr Lyddon, the real danger is that the UK may squander its potential at a time when global markets are opening up.
India's Prime Minister Narendra Modi (Image: Getty)
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He explained: "It really would be a tragedy if, just at the moment when a wealth of riches comes tantalisingly within reach, we turn out to have put Sooty and Sweep in charge of our economic and financial management."
Both US President Donald Trump and Indian Prime Minister Narendra Modi have praised the UK’s post-Brexit trade deals.
Mr Trump voiced his support for the UK's economic freedoms and said the new agreements would enable Britain to grow its economy and strengthen its global standing.
Meanwhile, Mr Modi described the deal with India as "a win for both nations," emphasising its potential to drive mutual growth in technology, defence, and trade.
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The growing ties between the UK, India, and the US are significant milestones for Britain’s post-Brexit trade ambitions.
However, as Mr Lyddon notes, whether the UK can capitalise on these opportunities in the long term depends largely on how the political landscape evolves.
With the Labour Party’s EU-centric plans still casting a long shadow, the future remains uncertain, he believes.