Amid the global financial jitters triggered by Donald Trump’s latest tariffs, Rachel Reeves has stepped up to reassure the public, revealing she’s already been in touch with the Bank of England to get a grip on what’s going on.
Speaking in Parliament during Treasury questions, the Chancellor confirmed she had a conversation with the Bank’s Governor, Andrew Bailey, earlier in the day. With markets reacting to the shockwaves sent through the global economy, Reeves said Bailey was confident about how the UK’s financial systems were holding up.
“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 told MPs — a line clearly aimed at calming nerves in both households and boardrooms across the country, reported GB News.
The news comes after global stock markets took a hit following Trump’s move to slap tariffs, which sent financial institutions scrambling and investors on edge. It’s no surprise then that Reeves wanted to make it crystal clear she was on the front foot.
And her message wasn’t just directed at the City. She took a moment to speak directly to ordinary Brits too — particularly those feeling the ongoing pressure of the cost of living crisis and wondering how international turbulence could impact them.
“I know too that this is an anxious time for families who are worried about the cost of living. We have your back. And British businesses who are worried about what a changing world will mean for them, we have your backs too,” Reeves added, striking a note of solidarity with those already feeling the squeeze.
While the markets may be rocky for now, Reeves is hoping that by engaging with the Bank of England and being upfront about the situation, she can offer some sense of stability — or at least the feeling that someone’s keeping an eye on things behind the scenes.
For now, though, many will still be watching closely to see how this unfolds — and whether Trump’s tariff play leads to more fallout on this side of the Atlantic.
