British Chancellor Rachel Reeves said on Tuesday that the tariffs imposed by the United States "will continue to have huge implications for the world economy" as reflected in the turbulent reactions of the global markets. She said she received assurances from Bank of England Governor Andrew Bailey that British markets are functioning effectively and the banking system is resilient.
Reeves stressed that the government's priority remains to secure a deal with the US. However, she added that the United Kingdom will take decisions in the national interest, "underpinned with the stability of our non-negotiable fiscal rules." She repeated that "nothing is off the table" and that the UK will continue to support businesses, especially the ones most affected by the tariffs. She told the House of Commons that the UK is also working with allies to reduce barriers to trade across the world and diversify its economic relations.
