London (Brussels Morning Newspaper) – Britain’s Finance Minister Rachel Reeves said the UK should improve its trading ties with other European nations as a result of recent global developments, including the fighting in Ukraine and U.S. tariffs, the Financial Times reported.
“Many of the developments, whether it is Russia’s invasion of Ukraine or the challenges in global trade at the moment, mean that there’s an even greater imperative to improve our trading relationships with Europe,”
Reeves told the Financial Times in an interview.
She has said that the UK should align regulations covering established industries such as chemicals with European Union rules to enhance market access, according to a newspaper report.
How do global events impact UK-EU trade relations?
According to experts, the UK and the European Union are hopeful about reaching an agreement to renew post-Brexit relations during a May summit, driven by President Donald Trump’s tariffs and his stance on the Russia-Ukraine conflict, which have ignited demands for increased cooperation and lower trade barriers within Europe.
According to sources involved in the negotiations, progress has been achieved in securing a defence and security agreement between Britain and the EU ahead of the London meeting next month.
What does Rachel Reeves want from EU trade ties?
A few months back, following Chancellor Rachel Reeves’ meeting with European finance ministers to discuss the future, she said The UK government is considering a far more extensive reset of post-Brexit relations with the European Union (EU).
In December 2024, the UK’s Chancellor of the Exchequer, the chief financial minister, visited her counterparts from the 27 EU member states in Brussels. This meeting was part of the UK’s recent initiative to reset its relations with the EU.
After addressing Eurogroup finance ministers in Brussels, Reeves reiterated that the UK will not rejoin the single market or customs union, nor will it adopt Freedom of Movement, as stated in the Labour manifesto.
Rachel Reeves remarked at a press conference,
“This is a significant milestone, as it’s the first occasion a British minister has spoken to the Eurogroup since our departure from the European Union.”
She expressed that she was “truly delighted and profoundly moved” by the kind welcome she received during the meeting of EU finance ministers.
Since assuming office in July, Prime Minister Keir Starmer’s centre-left government has indicated a desire to move on from Brexit and mend the strained ties with the EU established by earlier Conservative administrations.
