Rachel Reeves calls in City bosses for crisis tariff talks
Chancellor Rachel Reeves is set to meet with top City bosses today amidst the fallout of President Donald Trump’s tariff onslaught.
Executives from Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G will attend the Chancellor’s summit, according to Sky News.
The talks will cover the Treasury’s financial services growth and competitiveness strategy, sources told Sky. The fallout from US tariffs is also expected to feature significantly on the agenda.
“The Chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people,” a Treasury insider said.
Trump slapped a 104 per cent tariff on China in his latest escalation in the global trade war.
Reeves meeting US Treasury Secretary ‘shortly’
This follows Reeves telling the House of Commons on Tuesday she would meet with US Treasury Secretary Scott Bessent “shortly” as the government looks to secure a trade deal.
The UK is facing a ten per cent levy, which Trump said was the baseline figure in his ‘Liberation Day’ speech.
Reeves has also insisted the government is working to eliminate the 25 per cent tariffs slapped on automotives.
“We are discussing a range of different areas. But the focus is on reducing tariff and non-tariff barriers to trade, with a particular focus on those sectors that are subject to the higher tariffs.
“Although the ten per cent tariffs are lower than many other countries around the world, and we welcome that, the additional tariffs on cars, on steel, and potentially on life sciences pose a real challenge to our country because those are some of our biggest export markets,” Reeves told the Commons.
Lloyds’ Charlie Nunn, Legal & Generals’ Antonio Simoes and Hargreaves Landowns’ Dan Olley will attend today’s talks.
The Chancellor has had a flurry of summits with financial leaders since January as she seeks to boost growth across the UK.
None of the companies attending Reeves’ meeting responded to Sky News’ request for comment.