UK Chancellor: Britain Now Best Positioned for Global Trade, Growth Forecasts May Improve

UK Chancellor Rachel Reeves recently stated that the United Kingdom is now better placed than any other country in the world when it comes to trade. She emphasized that three newly signed trade agreements with the US, India, and the EU are expected to lead to an upgrade in the UK’s economic growth forecast.

Reeves said the government aims to build further on its agreement with the EU and confirmed that the next target is a trade deal with Gulf nations, including Saudi Arabia and Qatar. Despite previously expressing hopes for a long-term relationship with China, Reeves told the BBC that the UK is “not looking to have trade negotiations with China” at this time.

On Monday, the UK and EU finalized the most significant post-Brexit agreement to date, covering fisheries, trade, defense, and energy. This follows a UK-India trade deal easing exports of whisky, cars, and other goods, while reducing tariffs on Indian clothing and footwear. The UK also reached an agreement with the US to lower tariffs on select products.

Describing the wave of agreements as “coming along like buses,” Reeves suggested the UK growth outlook could be revised upward. “Britain is better positioned than any other country for deals with these nations,” she said. “We’ve secured the best deal with the US, the best agreement with the EU outside the bloc, and a top-tier trade agreement with India.”

She added that these agreements not only matter individually but also demonstrate that the UK is now a top destination for business and investment due to its preferential access to major economies.

Reeves also confirmed that the government is advancing negotiations with the six-member Gulf Cooperation Council.

In the EU deal, the UK agreed to extend fishing rules in exchange for fewer food export checks. Reeves said the UK made it clear during talks with the US and India that food standards were non-negotiable: “We expanded US beef quotas while upholding our high standards, which matter both for our domestic policies and for securing the EU deal, as the EU is by far the largest market for UK agriculture and fisheries.”

Despite celebrating the deals as victories, opposition parties criticized Reeves and PM Keir Starmer for offering too many concessions. Conservative leader Kemi Badenoch argued the EU deal was a step backward and claimed the US tariff deal was a “sell-out.”

Official figures last week showed the UK economy grew 0.7% in Q1—stronger than expected—though economists warn that US tariffs and rising National Insurance could offset gains.

“We’re forecasting 1% growth this year,” Reeves said, “and with 0.7% already achieved in Q1, the impact of our trade deals will be factored in going forward.”