The recent instability in global stock markets, triggered by trade tariffs implemented by the United States, has prompted discussions between Chancellor Rachel Reeves and the Bank of England.
During Treasury questions, Reeves informed members of Parliament that she had engaged with Governor Andrew Bailey regarding the current state of financial stability. According to Reeves, Bailey affirmed that the UK’s banking system remains robust and capable of weathering the present challenges.
As Reeves explained, “The tariffs imposed by the United States carry significant weight for the global economy—a reality clearly demonstrated by recent market responses, which financial regulators are carefully observing.” She continued, stating, “This morning, I consulted with the Bank of England’s Governor, who confirmed that markets are operating as they should and our banking system is prepared to handle any pressures.”
Acknowledging the broader economic anxieties felt across the nation, Reeves offered assurances:
- “I understand this is a worrying time for families concerned about their finances.”
- “We have your backs.”
- “And we stand with British businesses navigating these evolving global conditions.”
She emphasized the government’s commitment to supporting both households and companies facing uncertainty in a shifting international landscape.
“We are dedicated to providing stability and support as we navigate this period of change,” Reeves concluded.
More to follow…
