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UK trade minister Jonathan Reynolds will meet US trade representative Jamieson Greer in Paris on June 3, 2025, to discuss the impact of rising US steel tariffs, which are set to increase from 25% to 50%. This change poses significant challenges for British steel producers, who export around £700 million worth of steel and aluminum to the US annually. The meeting will also address trade arrangements with the EU, highlighting the vulnerabilities created by delays in implementing political agreements.
Lloyds Banking Group's CEO, Charlie Nunn, predicts three interest rate cuts in the UK this year, offering relief to borrowers. He notes the economy is resilient but faces slow growth due to low investment, despite improved household finances and savings. Nunn emphasizes the stability of fixed mortgage rates and the gradual decline of variable rates, while expressing optimism about the UK's investment prospects compared to Europe.
At Davos 2025, Barclays CEO CS Venkatakrishnan urged patience for the new Labour government, emphasizing the UK's potential and the need for time to implement policies. Meanwhile, Lloyds CEO Charlie Nunn called for the government to accelerate its plans to boost competitiveness and growth amid concerns over a £40 billion tax-raising budget that could lead to job losses and inflation. Business leaders expressed mixed feelings, with some supporting the government's proactive approach while others warned of the economic impact of recent tax increases.
MG4 has emerged as the top-selling electric vehicle in the UK, surpassing Tesla's Model Y and Model 3, thanks to its competitive pricing and a strong warranty. As low-cost rivals enter the market, the UK remains free from tariffs on Chinese EV imports, fostering a diverse automotive landscape. The upcoming year is crucial for the profitability of electric vehicle sales amid increasing competition.
Britain is bracing for potential trade turmoil as Donald Trump’s return to the White House could trigger a tariff war affecting both allies and adversaries. U.K. officials, led by Trade Secretary Jonathan Reynolds, are preparing for various outcomes, including retaliatory measures against Trump's proposed tariffs on imports, which could severely impact British exports in key sectors. The Labour government is actively engaging with U.S. officials while acknowledging the significant implications for the global economy.
UK Business Secretary Jonathan Reynolds acknowledged that recent tax increases, including higher employer national insurance contributions and a minimum wage rise, could negatively impact companies' hiring capabilities and salary growth. He emphasized that these changes will influence business operations and recruitment strategies.
The UK government has unveiled the Modern Industrial Strategy, "Invest 2035," emphasizing the life sciences sector's potential to drive economic growth and enhance health outcomes. With over 6,800 businesses generating £100 billion in turnover, the sector is poised for innovation through new discoveries, AI, and personalized healthcare. Industry feedback is invited to refine the strategy ahead of its full launch in Spring 2025.
The UK government has announced £63 billion in investments during the International Investment Summit, reinforcing its pro-business stance ahead of the autumn budget. Inflation fell to 1.7% in September, while retail sales reached a record high since July 2022. The Treasury anticipates a £40 billion budgetary effort, with unemployment at 4.0% and significant regional disparities in labor market statistics.
Jonathan Reynolds
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UK and US officials to address rising steel tariffs in Paris meeting
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