UK takes control of British Steel under emergency powers
Business Secretary Jonathan Reynolds says nationalisation is “likely” next step as Parliament rushes law through.
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Rachel Reeves calls for global free trade fightback to protect UK economy
New measures announced to help tariff-hit British firms amid ambitious plans to foster closer ties with EU
The chancellor, Rachel Reeves, has set out the case for far-reaching changes to global trade and economic agreements, admitting that Donald Trump’s tariffs will have a “profound” effect on the UK and world economies that require a strong international response.
In her first significant intervention since the US president caused chaos on the global financial markets by announcing huge levies on imports to the US, Reeves says in a column for the Observer that she is “under no illusion about the difficulties that lie ahead”.
Now is not the time to turn our backs on the world but to face forward
In uncertain times, the government is seeking to foster the stability that promotes security and growth, the chancellor argues
This week we witnessed the uncertainty of a changing world. Financial markets and nation states responding to the dawn of a new economic era and the reality of new barriers to trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.
This change can be unsettling for families who are worried about the cost of living and businesses concerned about what it means for them. But our task as a government is not to be knocked off course or to take rash action which risks undermining people’s security. Instead, we must rise to meet the moment and do what is right in Britain’s national interest.
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Trump’s tariff mess raises the danger of a US default | Lloyd Green
The US could breach the debt ceiling even sooner than predicted without action from Republicans
“Trump backs down on tariffs, again. And it doesn’t look strategic,” a headline blared on Wednesday afternoon.
At the end of trading, equities had recovered a portion of their losses. But plenty of damage had been done. Markets were thrown into turmoil, interest rates jumped and business activity took a hit. Beyond that, the possibility of a recession grew – and the possibility of a default by the US inched up to 6%, according to prediction markets.
Gold enjoys best week in five years as investors rush to safety
Even US Treasuries take a hit as Donald Trump’s tariff blitz shakes confidence in American assets