Rachel Reeves seeks improved UK-EU trade terms if Labor wins election

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Shadow chancellor Rachel Reeves will seek to knock down EU trade barriers and secure billions of pounds through an early international investment summit if Labor wins the general election.

In an interview with the Financial Times, Reeves spoke about his ambitious push to review parts of Boris Johnson's Brexit deal, including seeking closer alignment with EU rules in areas such as the chemicals sector and a better deal for City of London workers. suggested.

She pledged that the next Labor government would reset Britain's global image, saying we would improve our trading relationship with Europe and secure trade deals around the world.

Her comments come as Labor seeks better UK-EU trade terms than previously thought, tackles head-on the relationship between the Conservatives and Brussels after Brexit and abandons the Tories' fixation on regulatory differences. It indicates that you want to go further than you did.

Reeves said he did not think anyone voted to leave because they were not satisfied with the fact that chemical regulations were the same across Europe. It was purely because of immigration that my constituency voted Leave.

Labor has been reluctant to talk about Brexit on the campaign trail, but with polling day approaching and the party gaining a 20 percentage point lead over Conservative Reeves and Labor leader Sir Keir Starmer, there have been more glimpses of what it hopes to achieve.

She also said Labor would take risks and be willing to upset some people to unlock the potential of the UK economy. She added that she would use her own political capital by pushing for growth rather than fighting over other taxes.

Ahead of the July 4 election, the Conservatives warned of Labour's tax trap. But Reeves insisted the party could fund its priorities without relying on raising taxes on the wealthy, adding: We do not seek mandates to raise taxes on our people. We were looking for a mandate for economic growth.

On Brexit, any attempt by Starmer to restart what he says was Johnson's ruined 2020 trade deal with the EU will be very complicated. There is little appetite in Brussels to renegotiate and there is no long-standing opposition to the idea of ​​Britain singling out parts of the bloc's single market.

Reeves spoke about a bespoke deal for the chemical industry, which is negotiating with the government over a new regulatory system to avoid $2 billion in additional costs for registering products in the new British system.

She said there would be no rejoining the single market or customs union and that a deal on freedom of movement and youth mobility was impossible, reiterating Labor's existing red lines on the region. This will limit the scope of future EU deals.

Reeves emphasized the importance of pursuing greater mutual recognition of professional qualifications with the EU, pointing out the benefits this would bring to the services sector, including financial services.

She said the majority of people in the city did not see Brexit as a good opportunity for their businesses, claiming services and financial services were largely left out of Johnson's Brexit deal.

But she said Labour's manifesto pledge to seek a mutual recognition agreement for professional qualifications with the EU, along with a veterinary contract and improved travel rights for British artists, were examples of what she wanted to achieve. It's not exclusive, she said.

Reeves said he accepted the Office for Budget Responsibility's assessment that Brexit would reduce Britain's productivity potential by 4%.

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The shadow chancellor, who will host senior business leaders at a meeting of his new shadow British Infrastructure Council on Monday, said the Labor government wanted to capitalize on the fact that the world would take a fresh look at Britain after the election. afternoon.

She said among the further steps in Labor's first 100 days in power would be an investment summit to attract foreign investors who have been hampered by political instability in the UK.

Reeves said he had spoken to business leaders in the city that morning who said global chief executives had been reluctant to attend the recent UK investment summit hosted by Chancellor Rishi Sunak's government.

What's the point, they said, of being a little tired of what's happening in England? Do I have to come to this?, Reeves said. This is a real reset moment for a different way of doing government.

She added: This isn't just about inviting business to the summit; it's actually bringing business into the center of government. I want to make the Treasury a growth department, not just a tax and spending department.

Steve Elliott, chief executive of the Chemical Industries Association, said: “It’s good to see Labor talking about deepening trade relationships and citing chemicals as a prime example.” We called on all parties to do this.

Reeves said there was a role for investment from countries including China and Saudi Arabia, but added that the Sunak government was right to rule out Chinese investment from the rollout of broadband and future nuclear projects.

Video: Sketchy Politics: Election Extinction?

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