The chief secretary of the Treasury, Darren Jones, described the era of globalization as “finished”, following the new prices of Donald Trump.
This comes after Prime Minister Sir Keir Starmer suggested in a Sunday telegraph article that he was about to announce the state intervention to protect British companies against the decision of the American president. The United Kingdom was among the nations struck by a basic 10% “import right, and negotiations on a trade agreement to reduce prices continue.
“Globalization as we have known it for two decades has ended,” added Jones in an interview with the BBC.
Conservative chief Kemi Badenoch disagreed that globalization was over and stressed “large” trade relations with other countries.
There are fears for a global recession after President Trump’s “release day”, when he announced scanning import taxes, arousing reprisal measures like China and Canada.
Speaking on the BBC Sunday with the program Laura Kuensberg, Jones was asked if globalization – which led to a boom of cheap fashion imports, electric products and other products – was finished.
“Yes, it ended, the Prime Minister said this this morning,” he said.
The change meant that the United Kingdom had to “establish” relations with allies around the world, but also invest in the UK’s own economy, said Jones, denying ministers “collapsed” for solutions.
In the midst of reports, the two elements of the expenditure examination and the industrial strategy could now be presented from their scheduled publication date, he declared that work has been working on industrial strategy since his opposition.
Pressed if they would be put forward, Jones has postponed the announcement of Sir Keir expected in the coming days and laughed when Laura Kuensberg said “it looks almost like a yes, but you are not allowed to tell us this morning”.
The British government is continuing its policy not to respond with counter-tale, as other countries have done, preferring a “calm” approach focused on a British-American trade agreement.
“We hope to conclude an agreement,” said Jones, adding prices that “we have a better result than other comparable countries because of our diplomacy”.
Conservative chief Kemi Badenoch agreed that reprisal rates were not a solution because they would only harm British consumers.
However, she told Laura Kuensberg that she did not agree on globalization, insisting that what was going on was only “fragmentation” and that “we always have a great commercial relationship with many other countries”.
Badenoch added that the Labor government should conclude the agreement that former Prime Minister Boris Johnson had tried to negotiate with Trump in his previous presidency, which ended in 2020.
Ms. Kuensberg asked if the agreement was “ready for the oven”, as she had claimed several times, and Badenoch suggested that the government “should” resume where we stopped “, following the decision of former president Joe Biden to pour the agreement.
“We had six negotiation cycles where there were certain decisions that were concluded and they can take this and make it,” she said.
“The most important thing is to remove prices – prices will be disruptive for our businesses …
“It will make a whole mess of the tax intake that (Chancellor) Rachel Reeves thought that she was going to be done in her budget.
“We are in a worse place now because of the decisions that work has taken and people who suffer.”
