Globalisation has come to an end, says minister
Globalisation has “come to an end” in the wake of new tariffs imposed by the US, a Treasury minister has suggested.
Chief Secretary to the Treasury Darren Jones told the BBC that Britain needs to be “strong and resilient” and emphasised the importance of investing in the domestic economy, as nations and businesses are grappling with US President Donald Trump’s new taxes.
It comes after Sir Keir Starmer said that “the world as we knew it has gone” in terms of the global economy and trade.
Asked if the era of “cheap fast-fashion or cheap TVs” was over, Mr Jones told the Sunday With Laura Kuenssberg programme: “Yeah, it’s ended.
“Globalisation, as we’ve known it for the last number of decades, has come to an end.
“That’s why we need Britain to be strong and resilient, also build out our relationships with our allies and partners around the world, but also why we have to invest in the domestic economy, both for UK businesses, but also our public services, so that we have workers and communities who are well-skilled (and) able to take advantages of jobs in the UK, which is why our plan for change is investing in the NHS and skills, and as well as industrial policy.”
A number of interventions are expected this week as ministers look to boost the British economy following last week’s tariff announcement.
A 10% levy on British imports into the US came into force on Saturday, while a 25% tax on foreign cars has been in place since Thursday.
Other nations are due to see their tariff levels increase in the coming days.
Writing in the Sunday Telegraph, the Prime Minister said that the Government is “ready for what comes next”.
“The new world is less governed by established rules and more by deals and alliances,” he wrote.
Conservative leader Kemi Badenoch said she did not believe that globalisation was over, and that the system had helped the UK.
She told the same BBC programme: “We have become wealthier because of it.”
She said that the UK still has a “great trading relationship” with countries, and described recent events as “fragmentation” rather than the end of globalisation.
By Caitlin Doherty, Ellie Crabbe and Harry Stedman, PA