The IMF slashed its 2025 U.K. growth forecast by 0.5 percent earlier on Tuesday. The revised figure puts Britain’s GDP growth above Japan, France, Italy, Germany, and the Euro area, but behind the U.S. and Canada.
In meetings with G20 and European finance ministers Wednesday, and in an address to the world economy summit, “the chancellor will underline the importance of tackling barriers to trade to kickstart economic growth,” according to a U.K. government release.
Reeves said she will continue to make the case for “open trade that provides stability for businesses and security for working people.” “We need a world economy that provides stability and fairness for businesses wanting to invest and trade,” the chancellor said.
‘Protecting the national interest’
Reeves plans later this week to sit down in person with Treasury Secretary Scott Bessent — now U.S. President Trump’s go-to trade negotiator — in the hope of pushing forward talks to get the U.K. out from under U.S. tariffs.
British officials are prioritizing efforts to negotiate down the 25 percent tariffs on cars, steel and aluminum, and looming duties on pharmaceuticals, imposed by the Trump administration.
The U.K. has offered to rethink its digital services tax and review enforcement of its online safety and digital competition rules in exchange for a deal.