UK (Parliament Politics Magazine) – Jonathan Reynolds highlighted that workers were on the verge of job losses without the crucial new US-UK trade deal, vital for British industries.
As reported by the Independent, the Trade Secretary warned UK workers were “days” away from job losses if a new US-UK trade deal hadn’t been reached.
What did Jonathan Reynolds say about the risk of job losses without the US-UK trade deal?
Jonathan Reynolds stated, “We were at risk of thousands of people losing their jobs” without an agreement. He pointed out the importance of the deal, stating that without this “historic breakthrough,” thousands of jobs were at risk.
When asked about the timeline for job losses, he warned that the situation was “very, very close,” with layoffs potentially looming within “days.”
Mr Reynolds stated,
“This was very, very serious, it means people would have lost their jobs without this breakthrough and it would have been a real economic hit to the UK.”
He had earlier highlighted that the US was a vital market for firms like Jaguar Land Rover, Aston Martin, and Bentley, stressing that a 25% tariff would create a “very difficult business proposition” in a highly competitive industry.
The Business Secretary confirmed that the deal does not include any changes related to the Online Safety Act or the NHS.
In response to a question about the future of such a scenario, he said,
“Isn’t this, unfortunately, how we do things in the UK?”
Mr Reynolds said,
“We’ve got the best result of any other country in the world, we’re immediately speculating that somehow it’s going to be worse in the future. We said very clearly the safety of children in the UK is never something we would negotiate with.”
He added,
“We’ve got to stop being so insular in the UK and understand there will be asks from other countries, but we can refuse those and we can negotiate and we can get what we need in the UK to pursue our own interests.”
How the US-UK trade deal was confirmed live during VE day celebrations?
The trade agreement was confirmed by Sir Keir Starmer and Donald Trump during a live conversation on Thursday afternoon, aired on both sides of the Atlantic.
During a call from a JLR plant in the West Midlands, the Prime Minister stressed the importance of revisiting the factory. He had toured it shortly after the tariffs were announced.
The announcement’s timing was unexpected, coming on VE Day when the Prime Minister was deeply engaged in events marking the 80th anniversary of the end of WWII in Europe.
What did Chancellor Rachel Reeves say about the PM’s role in the trade deal?
Rachel Reeves expressed pride in the Prime Minister’s efforts, crediting him with helping to secure the deal.
She stated,
“There are those who would have advocated we take a different approach. That we cave into the performative politics, which would have made for a good soundbite, but would have harmed our economy, threatened business, and put working people out of work.”
What did Kemi Badenoch and Graham Stuart say about the deal with Donald Trump?
Conservative leader Kemi Badenoch claimed that Britain had been ‘shafted’ by the agreement, while a fellow MP accused Donald Trump of using extortion-like tactics.
Graham Stuart said the deal failed to meet expectations, calling it far from “great.”
He stated,
“The truth is that’s what he does, that he seeks to shaft people. That’s his business career, isn’t it?”
Mr Stuart stated,
“It’s what he’s done, Donald Trump. He seeks to extort from people, and that’s what he’s done. He’s a classic kind of bully, and he’s the worst face of capitalism, and he’s taken that into the most powerful country in the world.”
What did Andrew Bailey say about rebuilding EU trade ties?
Andrew Bailey, the Bank of England Governor, described the deal as “beneficial” for restoring trade relations with the EU.
He said,
“It is important we do everything we can to ensure that whatever decisions are taken on the Brexit front do not damage the long-term trade position. So I hope that we can use this to start to rebuild that relationship.”
Mr Bailey highlighted that the deal set a positive example for nations globally, adding,
“It demonstrates that trade deals are important. Trade deals can be done, and the trade is important… honestly, it seems an unpromising landscape at times. I hope that we can use these deals to rebuild the world trading system.”
What did the general terms of the UK-US deal say?
The UK and US are commencing talks to formalize the proposals, as stated in the general terms of the agreement released on Thursday.
The agreement also suggests that neither nation can “terminate” the arrangement in the future without written notice, and changes could be requested and made if needed.
The general terms for the agreement stated,
“On request of either country, the United Kingdom and the United States will consult to consider any changes that may need to be made to this arrangement to ensure that it remains mutually beneficial.”
Under the new deal, the US has lowered tariffs on British cars from a steep 27.5% to 10%, while the 25% tariff on steel has been fully removed.