Rachel Reeves has revealed she has held talks with the Bank of England amid the global stock market turmoil following Donald Trump’s tariffs.
The Chancellor told MPs at Treasury questions that she had spoken to Governor Andrew Bailey about the state of the financial markets – and he had reassured her that the banking system was “resilient” and that “markets are functioning effectively”.
“The United States’ decision to impose tariffs has had and will continue to have huge implications for the world economy,” Reeves said.
“These implications have been reflected in the reaction that we have seen in global markets in recent days which the financial authorities have of course been monitoring closely.
Rachel Reeves has revealed she has held talks with the Bank of England
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“This morning, I spoke to the Governor of the Bank of England who has confirmed that markets are functioning effectively and that our banking system is resilient,” she said.
“I know too that this is an anxious time for families who are worried about the cost of living. We have your backs.
“We have your backs. And British businesses who are worried about what a changing world will mean for them, we have your backs too.”
