Rachel Reeves has told anxious families “we have your backs” after Donald Trump’s tariffs sparked fears of a global recession.
The chancellor said she has spoken to the governor of the Bank of England Andrew Bailey this morning and he has confirmed that UK markets “are functioning effectively and that our banking system is resilient”.
However, she said the US president’s actions “will continue to have huge implications for the world’s economy”.
Speaking in the Commons, Ms Reeves added: “I know that this is an anxious time for families who are worried about the cost of living.
“We have your backs. And British businesses who are worried about what a changing world will mean for them. We have your backs too.”
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
