📉 Speaker’s Statement

• Chancellor’s Briefing on Global Economic Situation:
  • The Chancellor, Rachel Reeves, addressed the House about the global financial impact of new US tariffs. She reassured that the Bank of England confirmed the effectiveness of markets and the resilience of the UK banking system.
  • Reeves emphasized the government’s commitment to support families and businesses during these uncertain times, promising decisive action to protect working people and maintain fiscal stability.
• Approach to US Tariffs and Trade Talks:
  • The Chancellor opposed the idea of a trade war, stressing the need for pragmatic and cool-headed responses. She mentioned ongoing talks with US Treasury Secretary Scott Bessent aimed at securing the best deal for the UK.
  • Plans to support British industries heavily affected by tariffs were highlighted, including automotive and life sciences sectors. New measures to provide stability and support the transition to electric vehicles were announced.
• International Collaboration and New Trade Deals:
  • Reeves spoke about recent discussions with counterparts in Canada, Australia, Ireland, France, Spain, and the European Commission as efforts to reduce trade barriers.
  • Upcoming talks with the Indian Government were mentioned, focusing on securing a new trade deal.
• Focus on Economic Growth and Public Services:
  • The government’s mission to boost economic growth and enhance security for working people was outlined, with priorities on stability, reform, and investment in public services and infrastructure.
• Response from the Shadow Chancellor and Liberal Democrats:
  • Mel Stride from the Conservative Party emphasized the importance of free trade and offered cooperation to reduce tariffs, while also holding the government accountable for its economic decisions.
  • He sought more details on US negotiations, sectors for government support, and measures against trade diversion.
  • Liberal Democrat Daisy Cooper expressed concern over the US trade war’s impact on living standards and sought confirmation that any new trade deals would be subject to a parliamentary vote. She also inquired about a potential “Buy British” campaign.
• Chancellor’s Responses to Opposition:
  • Reeves acknowledged the need for pragmatic responses and cooperation across the political spectrum. She confirmed ongoing negotiations with the US, focusing on reducing tariffs and non-tariff barriers.
  • She highlighted continued support for affected sectors like automotive, life sciences, and steel, and the use of institutions like the British Business Bank to help businesses.
  • On new trade deals, Reeves confirmed they would be brought before the House for ratification. She opposed a “Buy British” campaign, arguing it could lead to global trade isolation, which would be detrimental to the UK’s interests.

The parliamentary session transcript shows minimal disagreement among the participants. The Chancellor of the Exchequer, Rachel Reeves, provided an overview of the global financial situation and the government’s response to it. Both the shadow Chancellor, Mel Stride, and the Liberal Democrat spokesperson, Daisy Cooper, responded with questions rather than direct opposition or disagreement.

• Mel Stride, while indicating that the Conservative benches would hold the government accountable, also expressed a willingness to assist in reducing tariffs, indicating a cooperative stance rather than an adversarial one. His questions focused on seeking more details about negotiations and government support for various sectors, suggesting a desire for clarity and understanding rather than confrontation.

• Daisy Cooper expressed concern over Trump’s trade war and supported the government’s efforts to work with international allies. Her questions about bringing trade deals to the House for a vote and initiating a ‘Buy British’ campaign were requests for further government action rather than points of contention.

Rachel Reeves responded to both sets of questions in a manner that addressed their concerns and outlined government actions, maintaining a cooperative tone and reinforcing the government’s strategy without significant challenge from the opposition.

The lack of direct criticism, the cooperative offers from the opposition, and the focus on seeking further information and clarification rather than challenging the government’s stance result in a low disagreement rating of 1.