(qlmbusinessnews.com Tues. 10th Dec, 2024) London, UK —
Labour Calls for Stronger UK-EU Trade Ties Amid Global Economic Shifts
Chancellor Rachel Reeves has called for a “reset” in UK-EU relations to stimulate economic growth, speaking to finance leaders in Brussels in a historic address to the Eurogroup. Her remarks mark the first such speech by a UK chancellor since Brexit.
Reeves emphasised the importance of dismantling trade barriers to bolster mutual business opportunities. She stated, “This is about breaking down barriers to trade, creating opportunities to invest, and helping businesses sell in each other's markets.”
While Labour has ruled out re-joining the EU or its single market, Reeves confirmed her party's commitment to strengthening ties. The chancellor characterised her approach as “business-like” but refrained from outlining specific changes to the UK's existing agreements.
The UK government is reportedly exploring new agreements, including reduced border checks on meat, fish, and dairy products. However, such moves could complicate future trade negotiations with the United States, particularly under President-elect Donald Trump, who has threatened to impose tariffs of up to 20% on imported goods.
European leaders, including German Finance Minister Jörg Kukies and Spanish Finance Minister Carlos Cuerpo, echoed the sentiment of collaboration, highlighting the mutual benefits of closer ties. However, Dutch Finance Minister Eelco Heinen made it clear that there would be no renegotiation of Brexit agreements.
The British Chambers of Commerce (BCC) warned that regulatory hurdles are stifling UK businesses' ability to export, urging policymakers to address these challenges to foster growth. Meanwhile, critics of Labour’s strategy, including the Conservatives, accused the party of attempting to align with EU rules without sufficient gains.
The call for improved relations coincides with broader concerns about the global trade environment. Economists, including Carsten Brzeski of ING Research, have noted the potential challenges posed by US economic policies, which could shift investment and growth away from Europe.
#UKEconomy #RachelReeves #EUTies #BrexitReset #TradeGrowth #GlobalEconomy
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