Chancellor of the Exchequer, , said:
Mr Speaker, the United States' decision to impose tariffs has had
– and will continue to have – huge implications for the world
economy.
These implications have been reflected in the reaction we have
seen in global markets over recent days, which the financial
authorities have, of course, been closely monitoring. This
morning I spoke to the Governor of the Bank of England, who has
confirmed that markets are functioning effectively and that our
banking system is resilient.
I know too that this is an anxious time for families who are
worried about the cost of living. We have your backs.
And British businesses who are worried about what a changing
world will mean for them. We have your backs too.
This Government is clear-eyed that our response to global change
cannot be to watch and wait, but instead to act decisively – to
take the right decisions that are in our national interest,
protect working people. All of the decisions that we make as a
Government will be underpinned by the stability of our
non-negotiable fiscal rules.
Mr Speaker, a trade war is in nobody's interest. It is why we
must remain pragmatic, cool headed, and pursue the best deal with
the United States that is in our national interest. This remains
our priority - and this was part of the discussions that I had
with US Treasury Secretary Scott Bessent last week. But we
have been clear that nothing is off the table.
It is why we will continue to back British businesses during
these uncertain times – particularly those industries that are
most affected – as we rebuild our industrial base here in
Britain.
We showed that backing yesterday when the Prime Minister and I
announced new measures to give British car-makers certainty,
stability, and to support them on the transition to electric
vehicles.
We have put forward plans to support our life sciences sector by
cutting back the time it will take to set up clinical trials in
the UK.
It is why we are working with our international allies to reduce
the barriers to trade right across the world.
Over recent days I have held discussions with my counterparts in
Canada, Australia, Ireland, France, Spain, and with the European
Commission.
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.
And finally, we must go further and faster in our mission to
kickstart economic growth.
I know that the challenges facing the global economy - and the
potential impact - could be profound.
And as a Government we must step up to that challenge to deliver
security for working people.
Through our Plan for Change that is underpinned by stability,
reform and investment.
Prioritising the builders, not the blockers
Reforming our public services, not defending the status quo.
Investing in our long-term infrastructure, not cutting it for the
short-term.
Security for working people.
Renewal for Britain.
That is our focus.
And what, Mr Speaker, is what this Government will deliver.
