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UK Chancellor Rachel Reeves will speak at the Eurogroup on Monday, where she is expected to call for closer ties between the UK and EU economies. Reeves is the first British chancellor to attend the group since the UK’s departure from the EU. Primary points from her speech include creating a “mature, business-like relationship” between the UK and EU, breaking down trade barriers, and allowing businesses to sell goods in each other’s markets. These all signal significant shifts in British policy towards the EU.
Although Labour has made clear it will not rejoin the EU, the party has emphasised the need for the UK to deepen its relationship with the member organisation. Labour states that closer economic ties could boost growth for the UK in a way that involves increasing exports temporarily held back by bureaucracy.
The address will also address Chancellor Reeves’ counterpart’s concerns. There might be a perception of discord, but piggybacking on this perception will not be in the interest of either party’s economic prospects. Indeed, opening relations between the British and European economies to a closer and more mutually beneficial partnership might well be a win-win.
The Eurogroup meeting and Reeves’ speech have come at a stressful time for the UK and the EU. President-elect, Joe Biden, has made it clear he will not offer any preferential treatment to the UK in trade matters when he takes over. This has increased the pressure on UK Chancellor Reeves to deliver a speech with substantially actionable details. The mood between the US and the UK is now dire enough to cause such concern
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