Rachel Reeves took questions from MPs this morning (Image: Parliament Live)
Rachel Reeves has warned that Donald Trump's tariffs, and the market turmoil over the past few days, will have a major impact on the British economy and for the world.
Speaking in the Commons this lunchtime, the Chancellor confirmed she spoke with the Bank of England governor Andrew Bailey this morning amid global market turmoil.
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She said he assured her the UK banking system remains “resilient” despite global turmoil caused by Donald Trump’s tariffs.
London’s financial markets recovered some ground on Tuesday morning after days of market turbulence spurred by the US President.
Markets across Europe were in positive territory during early trading as sentiment calmed.
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London’s FTSE 100 was firmly higher after trading opened, but was still almost 10% lower since Wednesday, after a dismal week for City stocks. The index of London’s biggest publicly-listed firms was 1.8% higher at 7,839.2 points on Tuesday morning.
Sir Keir Starmer also faces a major grilling from MPs this afternoon ahead of Parliament's Easter break. The Prime Minister will take questions from the Liaison Committee, which is made up of Select Committee chairs, at 2.30pm.
He will likely be quesioned on tariffs, farming, defence and welfare cuts among a host of other topics.
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7 hours ago12:10 Jonathan Walker
Normal Commons business came to a halt for Rachel Reeves's statement
The Chancellor was not due to make a statement this morning but was in Parliament to answer questions.
However Speaker Sir Lindsay Hoyle surprised MPs by announcing that a statement would be made first.
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7 hours ago12:10 Christian Calgie
Reeves double downs on fiscal rules
Rachel Reeves has insisted her fiscal rules are non-negotiable.
It comes after some confusion yesterday when Keir Starmer appeared to weaken his commitment to the UK's spending rules designed to give the market confidence about Ms Reeves' tax and spend plans.
Speaking in the Commons this afternoon, the Chancellor said: "The fiscal rules are very important for giving stability... we won't make those mistakes, the fiscal rules are non negotiable, stability is sacrosanct."
7 hours ago12:09 Jonathan Walker
UK hopes to sign trade deal with India
The Government is working to agree a trade deal with India and talks will take place on Wednesday, Rachel Reeves told MPs.
The Chancellor said she had spoken to ministers in Canada, Australia, Ireland, France, Spain and the European Commission since the imposition of tariffs by Donald Trump, and would have separate discussions with India on Wednesday.
Ms Reeves said: “We will pursue these talks in earnest. Tomorrow I will hold talks with the Indian government as part of our two nations’ economic and financial dialogue, as we seek to secure a new trade deal with India.”
8 hours ago11:50 Christian Calgie
LibDems demand vote on any trade deal
LibDem treasury spokesman Daisy Cooper has said MPs must be given a vote on any US free trade deal agreed between Keir Starmer and Donald Trump.
She also called for the government to support a 'buy British' campaign to encourage people to support domestic producers who may be impacted by Donald Trump's tariffs.
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8 hours ago11:47 Christian Calgie
Rachel Reeves says trade talks are focussing on higher tariffed sectors.
Rachel Reeves says discussions are ongoing across a range of government departments and the US, and she will be meeting with the US Treasury secretary "shortly".
She outlined that the focus of trade talks remains on reducing both tariff and non-tariff barriers to trade, with a particular focus on sectors subject to the higher tariff - i.e. cars.
She explained: "Although the 10% tariffs are lower than many other countries around the world - and we welcome that - the additional tariffs on cars, steel and potentially life sciences pose a real challenge to our country as those are some of our biggest export markets."
Ms Reeves said she will continue to take the action necessary to support these sectors.
8 hours ago11:40 Christian Calgie
Tories' Mel Stride says they'll work with the government
Shadow Chancellor Mel Stride said this is a moment of "great concern" and defended free speech as the "bedrock" of the UK's economic prosperity.
He said the Tories will back the government in their efforts to secure a free trade deal with the US to help bring tariffs down.
He asked Ms Reeves:
1. Can she confirm further details of the current state of negotiations between the UK and US on the FTA
2. What areas beyond tariffs are being discussed in those negotiations.
3. What sectors beyond cars and life sciences are being considered for potential government support
4. Can she update the House on what options there are for protecting sectors in the economy that may be affected by the dumping of cheap goods into Britain as a result of Trump's tariffs
8 hours ago11:37 Christian Calgie
Rachel Reeves says US tariffs will have 'huge implications'
The Chancellor has told MPs that US tariffs will have "huge implications" for the economies of Britain and the world.
In a Commons statement this morning, Rachel Reeves said "a trade war is in nobody's interests", but insisted that "nothing is on the table".
She added: "The potential impact could be profound".
She insisted that her plan for change will defend British people, back building and support public services.
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9 hours ago10:36 Steph Spyro
Hundreds of migrants attempt to cross Channel
Hundreds of migrants are heading towards Britain on small boats this morning, it has been reported, as Labour continues to fail at dealing with the crisis.
Read the full story here.
9 hours ago10:23 Steph Spyro
What is likely to come up at Starmer's grilling?
Growth, welfare reforms and health plus international affairs and defence will feature in the Liaison Committee session with Sir Keir Starmer MP ahead of the Easter recess.
Starting at 2.30pm, the session will run for 90 minutes, ending at 4pm.
Chaired by Dame Meg Hillier MP, the Liaison Committee includes all the chairs of select committees in the House of Commons.
The running order of themes and questioning will be determined by the chairs in a private meeting before the session begins.
10 hours ago09:49 Steph Spyro
Starmer faces afternoon grilling as turbulent markets calms
Sir Keir Starmer will face MPs on Tuesday as market turbulence triggered by Donald Trump’s tariffs showed signs of easing.
The Prime Minister will appear before the Liaison Committee of senior MPs on the last day the Commons sits before it heads into the Easter break.
London’s FTSE 100 share index rose in the first few minutes of trading on Tuesday, as a sense of optimism returned to the financial markets after several days of heavy losses.
The index, which tracks the UK’s top 100 listed companies, was up more than 1% shortly after markets opened on Tuesday.
It follows a more positive session for Asian markets, with some indexes making gains after suffering from steep falls in previous days.
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10 hours ago09:20 Christian Calgie
Wes Streeting clashes with Nick Robinson over the NHS
Health Secretary Wes Streeting was slapped down by the BBC’s Nick Robinson this morning, as he floundered after being asked a simple question about the NHS.
The Health Secretary appeared on the daily ministerial broadcast round to boast about his claim that the Government has beaten its target of hiring more GPs.
He floundered when asked whether the number of GPs per head of the population is actually increasing.
10 hours ago09:18 Christian Calgie
Labour's MP Israel hypocrites revealed
Dozens of Labour MPs have been branded hypocrites after it emerged they are attacking Israel for something they previously wanted to happen.
Over the weekend two Labour MPs were blocked from entering the country over claims they were visiting to spread anti-Israeli propaganda.
Labour MPs have been up in arms about the diplomatic incident. However dozens called for Donald Trump to be banned for visiting Britain during his first term in office.
The Express has compiled a list.
10 hours ago09:14 Steph Spyro
Tariffs continue to dominate headlines in the UK
The Health Secretary has said the NHS is not part of trade negotiations with the US and that the tariff regime will cause “real pain” for the British economy.
Wes Streeting was asked on ITV’s Good Morning Britain if access to the NHS for American pharmaceuticals could be part of talks on a free trade deal.
He said: “Well, our NHS is not for sale. We’ve always been clear about that, and it won’t surprise you to know that a Labour Government feels that particularly strongly.
“What we do want to do is make sure that, despite being at the best end of President Trump’s tariff regime at the moment, we know that’s going to still come at real pain for British industry and cost the British economy.
“We want an economic partnership agreement, and we are working as fast as we can to see if we can secure that outcome for our country.”
A new health data research service announced this week is a “big opportunity” for the UK but it must ensure that “we as patients are in charge of who can access our data” and that it is “held securely” and “used ethically”, Mr Streeting said.
Asked if the NHS is a “red line” in trade talks, he said: “Well, the NHS is not up for sale. It’s not part of the trade negotiations. That’s not where we are, and the NHS is a publicly-funded public service, free at the point of use.”
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10 hours ago09:05 Steph Spyro
Health Secretary also in the firing line ahed of Easter break
Health Secretary Wes Streeting will be grilled on NHS England’s reorganisation, including the risk of thousands of job losses, by the Health and Social Care Committee.
His grilling kicks off at 11.30am.
10 hours ago09:01 Steph Spyro
Rachel Reeves faces a Commons grilling later this morning
Rachel Reeves will try to be calm about the 10% baseline tariffs America has imposed on Britain when she faces Treasury questions in the Commons at 11.30 am.
It comes as the EU is now considering getting down in the trenches of a trade war by slapping tariffs of up to 25% on US exports in retaliation for Trump’s steel and aluminium levies
Rachel Reeves speaking at a press conference on Monday (Image: Getty)
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11 hours ago08:59 Steph Spyro
Good morning!
Good morning from Westminster where both Keir Starmer, Rachel Reeves and Wes Streeting face various grillings by MPs.
We'll be bringing you the latest from the Houses of Parliament throughout the day.
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