UK Politics

Subterms

    More stories

    • 125 Shares199 Views

      in UK Politics

      Brexit to blame for London’s millionaire exodus, Lisa Nandy claims

      by

      Brexit is to blame for the exodus of millionaires plaguing London, the culture secretary has claimed, vowing to get “a far better deal with the European Union that makes sure that we can continue to support British business”. It comes after a report found that London is no longer one of the top five wealthiest cities in the world after losing a higher proportion of millionaires than anywhere other than Moscow.The study, conducted by New World Wealth for advisory firm Henley and Partners, said the UK’s capital has lost 11,300 dollar millionaires over the past year, including 18 centimillionaires – someone who has more than $100m – and two billionaires. Critics have blamed Labour’s overhauling of the non-dom tax regime, that allowed international millionaires to live in the country while paying lower taxes. Asked about the findings, Lisa Nandy primarily blamed Brexit for the issues and said the Labour government is “taking the right approach” and “striking the right balance” when it comes to taxing wealth and supporting business. The culture secretary told Sky News: “The report points to a variety of factors that have led to that, most specifically Brexit, and one of the things that we’re committed to doing as a government is making sure that we get a far better deal with the European Union that make sure that we can continue to support British business. Moscow is the only capital to have lost a higher proportion of millionaires than London in the last year More

    • 188 Shares129 Views

      in UK Politics

      India looks to speed up trade deal talks with UK as Trump tariffs kick in

      by

      India hopes to sign a free trade agreement with the UK “sooner rather than later” as the two nations intensify negotiations amid growing global economic instability sparked by Donald Trump’s imposition of near-worldwide tariffs.Nirmala Sitharaman, India’s finance minister, said on a visit to London that New Delhi was actively pursuing bilateral trade pacts in response to a shifting and fragmenting global order. Speaking ahead of talks with UK chancellor Rachel Reeves, Ms Sitharaman said the changing geopolitical environment had underscored the need for nations to prioritise direct trade relationships.While denying the US levies were the reason for the urgency in trade talks with the UK, she admitted they were part of the global economic headwinds prompting India to seek new trade ties.Mr Trump announced a new set of import duties on foreign goods on 2 April,affecting both British and Indian exports. The tariffs went into effect on Wednesday.“We hope that with the new government showing a great deal of commitment and enthusiasm to have this agreement signed, we will be in a position to sign it sooner rather than later,” Ms Sitharaman said during an event at the Indian high commission in London. “India is also looking at many bilateral arrangements. In the recent past, we’ve signed agreements with Australia, the UAE, with Oman, and we’re looking forward to concluding the bilateral trade agreement with the UK, negotiating also with the EU.”Chancellor Rachel Reeves speaks to workers during her visit to a Jaguar Land Rover car factory in Birmingham More

    • 163 Shares159 Views

      in UK Politics

      Nigel Farage claims his friendship with Donald Trump could help US tariff negotiations

      by

      Nigel Farage has claimed that his friendship with Donald Trump could be useful to the UK government as it navigates the fallout from the US president’s global tariffs.The Reform UK leader, who has long supported the US president, has previously said he thought the tariffs were “a bit excessive”.Speaking to BBC Breakfast on Wednesday, 9 April, the Reform UK leader hailed his relationship “Not just with President Trump, but half of the cabinet.”It came as UK stocks fell sharply again on Wednesday morning as Mr Trump’s worldwide tariffs came into effect. More

    • 200 Shares179 Views

      in UK Politics

      NHS medicines could be at risk due to Trump tariffs and global trade friction, ministers warned

      by

      The availability of around 85 per cent of NHS medicines could be at risk unless the UK government strengthens its supply chains to prepare for worsening geopolitical tensions, ministers have been warned.Manufacturers in Britain have urged the government to treat it as a defence issue, with the supply of drugs such as antibiotics under threat if global tensions continue to rise as a result of Donald Trump’s decision to impose hefty tariffs across the world.If pharmaceutical and medical suppliers are hit by the US-led tariff war, the NHS could have to pay more for medicines, another expert has said.The warnings come after health secretary Wes Streeting said UK medicines supplies could be impacted by the tariffs imposed on trade by President Trump.Mr Streeting said during an interview on Sky News that there are a “number of factors at play” when it comes to the UK’s supply of medicines, including manufacturing and distribution challenges, and he warned that tariffs pose “another layer of challenge”.The health secretary was responding after the US president said he was not looking to pause the sweeping tariffs that have plunged global markets into turmoil. Although the US tariffs have so far exempted the pharmaceutical industry, some medical devices and equipment are affected, so UK manufacturers would still be hit by 10 and 20 per cent tariffs when exporting to the US.Some companies which rely heavily on exports to the US are likely to consider moving their manufacturing from the UK to America, according to RBC analysts quoted in Endpoints News, which could push prices higher for Britons. The UK also imports £4.5bn in medical products from the US, where companies may raise prices due to tariffs on imported raw materials.Health secretary Wes Streeting said ministers are watching the situation ‘extremely closely’ More

    • 225 Shares99 Views

      in UK Politics

      Half of Britons less likely to buy US goods after Trump tariffs as public backs ‘Buy British’ campaign

      by

      Half of British adults say they are now less likely to buy American products in the wake of Donald Trump’s tariffs on the UK, a new poll has revealed, sparking calls for the government to back a ‘Buy British’ campaign. It comes just hours after both Downing Street and the chancellor rejected such a proposition, with Rachel Reeves warning against the UK becoming “inward looking”. Meanwhile, the prime minister’s official spokesperson said Sir Keir cannot sympathise with the British public’s support for a ‘Buy British’ campaign, warning such a move would “go against our agenda as an open trading nation”. Polling conducted by Savanta on behalf of the Liberal Democrats, found that six in 10 (59 per cent) adults would support a campaign to buy more British-made goods following sweeping tariffs imposed by the US president. Those of pension age were the most likely to support a ‘Buy British’ campaign with a staggering 81 per cent of those over the age of 65 saying they backed such a movement. Just 13 per cent of the public said they would oppose a campaign of this nature.President Donald Trump has ignited a global trade war More

    • 213 Shares159 Views

      in UK Politics

      Global trade friction sparked by Trump tariffs could put 85% of NHS medicines at risk, ministers warned

      by

      The availability of around 85 per cent of NHS medicines could be at risk unless the UK government strengthens its supply chains to prepare for worsening geopolitical tensions, ministers have been warned.Manufacturers in Britain have urged the government to treat it as a defence issue, with the supply of drugs such as antibiotics under threat if global tensions continue to rise as a result of Donald Trump’s decision to impose hefty tariffs across the world.If pharmaceutical and medical suppliers are hit by the US-led tariff war, the NHS could have to pay more for medicines, another expert has said.The warnings come after health secretary Wes Streeting said UK medicines supplies could be impacted by the tariffs imposed on trade by President Trump.Mr Streeting said during an interview on Sky News that there are a “number of factors at play” when it comes to the UK’s supply of medicines, including manufacturing and distribution challenges, and he warned that tariffs pose “another layer of challenge”.The health secretary was responding after the US president said he was not looking to pause the sweeping tariffs that have plunged global markets into turmoil. Although the US tariffs have so far exempted the pharmaceutical industry, some medical devices and equipment are affected, so UK manufacturers would still be hit by 10 and 20 per cent tariffs when exporting to the US.Some companies which rely heavily on exports to the US are likely to consider moving their manufacturing from the UK to America, according to RBC analysts quoted in Endpoints News, which could push prices higher for Britons. The UK also imports £4.5bn in medical products from the US, where companies may raise prices due to tariffs on imported raw materials.Health secretary Wes Streeting said ministers are watching the situation ‘extremely closely’ More

    • 163 Shares199 Views

      in UK Politics

      Starmer: MPs could vote on benefit cuts before knowing how they could help

      by

      Prime minister Keir Starmer has refused to say if he will let MPs see evidence that Labour’s welfare reforms will help more people into work before they are expected to vote the controversial measures through.Entitled the ‘Pathways to Work’ green paper, the policy package will make £4.8 billion in cuts to spending on health and disability benefits. The changes aim primarily to support more people into work, Labour says, alongside bringing down Britain’s spiralling benefits bill and reducing youth inactivity.However, the Office for Budget Responsibility (OBR) said last month that it could not yet provide any evidence that Labour’s reforms would help more people into work.This was because it had not been provided with this analysis by the government, it said, adding that it was also unable to make its own in the limited time available.Sir Keir refused to make ‘timetabling’ commitments over evidence welfare reforms would help people into work More

    • 188 Shares189 Views

      in UK Politics

      Tariffs live: Trump insists China wants trade deal ‘badly’ as Beijing plans US imports block

      by

      Rachel Reeves to meet US treasury secretary to negotiate trade tariffsDonald Trump has insisted that China wants a trade deal “badly”, while Beijing says it is planning a US imports block.In the post on Truth Social, the US president claimed China just “don’t know how to get it started”.Mr Trump said Washington will impose an extra 50 per cent levy on top of the existing 54 per cent tariff on Chinese imports if Beijing does not withdraw the 34 per cent tariffs it had imposed on US products last week. The total new levies could climb to 104 per cent on Chinese goods imported into the US this year.The Chinese foreign ministry vowed its country would “fight till the end”, amid reports it is preparing for a US imports block, as it accused America of “typical unilateralism and protectionist economic bullying”.It is not yet clear what counter-measures Beijing is planning to impose, although the BBC reported, citing state media, that the US agricultural sector could be impacted, including a potential total ban on poultry. There are also reports the cooperation between the two countries on tackling the fentanyl trade could end. And a possible ban on US films being shown in cinemas in China has also been suggested, according to the broadcaster.Labour sister party calls for focus on communities in response to Trump tariffsLabour’s hugely influential sister party has called for the government to ramp up its focus on communities in response to Donald Trump’s tariffs.The Co-op Party, represented by 41 Labour MPs including business secretary Jonathan Reynolds, said community and member-owned businesses must be central to the government’s response to the unfolding trade war.Labour committed in its manifesto to doubling the size of the co-operative sector. But Co-op general secretary Joe Fortune said Mr Trump’s tariffs are an opportunity for a “new economic settlement for communities”.“Now is the time for the Government to back what works: putting power and resources in the hands of communities to shape their own future,” Mr Fortune said.He added: “Co-operative businesses keep wealth local – they are more resilient, more long-lasting and more equitable. And crucially, they put both power and wealth in the hands of working people.”Political correspondent Archie Mitchell8 April 2025 15:43What happens next on the stock market after ‘bloodbath’ of Trump’s tariffs?Even Stateside, where the stock market rout has been so pronounced following the escalation of Trump’s potential trade war, S&P 500 futures were showing a rise of more than 1.3 per cent.Investors were finally getting some relief from the sharp drops and some were even cautiously looking to buy back in. But is this really the end of the stock market’s reaction to the tariffs? Business and money editor Karl Matchett reports:Tara Cobham8 April 2025 15:36FTSE 100 on track for best day in more than three yearsThe FTSE 100 is on track to having its best day in more than three years.The gains are set to bring some relief to investors after stock prices around the world plunged in value since US President Donald Trump’s tariffs announcement last Wednesday.People pass the Bank of England and the Royal Exchange this week More