Starmer rejects false choice between Trump’s US and EU in key speech
GuardianDEC 12 2024
UK: Chancellor Reeves Joins Eurogroup in First Since Brexit
Above: President of Eurogroup, Paschal Donohoe, and UK Chancellor of the Exchequer, Rachel Reeves, attend a Eurogroup meeting in Brussels, Belgium, on Dec. 9, 2024. Image copyright: Simon Wohlfahrt/Contributor/Bloomberg via Getty Images
The Facts
Rachel Reeves has become the first UK Chancellor, since Brexit, to address the Eurogroup — an informal EU body established in 1997, primarily to discuss economic coordination among euro member states. The Labour party cabinet member spoke to the group at a meeting in Brussels.
Reeves indicated that her address at the Eurogroup served as a "signal of commitment" to resetting relations with the EU. She also called for reduced trade barriers and emphasized the need for a relationship "built on trust, mutual respect, and pragmatism."
The UK and EU share the world's second-largest trading relationship, facilitating over £660B (€750B/US$843B) in trade annually. In 2023, the EU accounted for 42% of total UK exports and 52% of total imports.
The Spin
Left narrative
The UK must strengthen its ties with the EU to secure its economic future and enhance its global standing. Rebuilding trust and cooperation can boost trade, attract investment, and improve regulatory alignment in financial services. In the face of global uncertainty, presenting a united front with European allies ensures resilience against economic and security challenges. Strong EU-UK relations are essential for mutual prosperity and effectively addressing shared threats.
Right narrative
The UK should focus on independence and global growth rather than deepening EU ties. The EU’s slow economic growth and regulatory demands stifle progress, while the US thrives with low taxes, cheap energy, and innovation. Closer EU cooperation also risks costly concessions and limits UK sovereignty. Pro-growth policies, reduced energy costs, and global trade partnerships will drive stronger economic success.