Donald Trump's "liberation day" has arrived, with the UK set to be hit by tariffs imposed by the US, as part of a larger policy that sees the White House impose tariffs on goods imported from countries around the world.
Sir Keir Starmer is currently in negotiations with his US counterpart over a new economic deal and yesterday claimed that "rapid progress" had been made.
But, he admitted: "Look, the likelihood is there will be tariffs. Nobody welcomes that, nobody wants a trade war.
"But I have to act in the national interest and that means all options have to remain on the table."
The OBR however has warned that said tariffs could "knock out all" of the headroom announced by Rachel Reeves in her Spring Statement last week.
Fiscal "headroom" refers to the buffer the government has within its fiscal rules to increase spending.
Speaking to MPs of the Treasury select committee yesterday morning, Professor David Miles, representing the independent OBR, said that if Trump imposed 20-25 per cent tariffs on the UK, it could "knock out all the headroom that the government currently has".
This comes as millions of Britons were hit yesterday with a series of household bill increases in what has been nicknamed "awful April".
Household budgets are set to be squeezed across the country, as council tax, stamp duty, energy bills and water tariffs are among those increased.
With that in mind, do you think President Trump's tariffs mean every month is awful this year? Have your say by voting in the poll below.
Find Out More...
Sir Keir Starmer is currently in negotiations with his US counterpart over a new economic deal and yesterday claimed that "rapid progress" had been made.
But, he admitted: "Look, the likelihood is there will be tariffs. Nobody welcomes that, nobody wants a trade war.
"But I have to act in the national interest and that means all options have to remain on the table."
The OBR however has warned that said tariffs could "knock out all" of the headroom announced by Rachel Reeves in her Spring Statement last week.
Fiscal "headroom" refers to the buffer the government has within its fiscal rules to increase spending.
Speaking to MPs of the Treasury select committee yesterday morning, Professor David Miles, representing the independent OBR, said that if Trump imposed 20-25 per cent tariffs on the UK, it could "knock out all the headroom that the government currently has".
This comes as millions of Britons were hit yesterday with a series of household bill increases in what has been nicknamed "awful April".
Household budgets are set to be squeezed across the country, as council tax, stamp duty, energy bills and water tariffs are among those increased.
With that in mind, do you think President Trump's tariffs mean every month is awful this year? Have your say by voting in the poll below.
Find Out More...