Chancellor Rachel Reeves addressed a meeting of EU finance ministers last week as part of the government’s efforts to deliver an economic reset with the EU. It marked the first time a UK Chancellor has attended such an event since the UK left the EU.

The Chancellor discussed tackling shared challenges, including the war in Ukraine, promoting free trade as a driver of economic competitiveness, and strengthening bilateral economic partnerships. She emphasised her aim for a reset that would reduce trade barriers, create investment opportunities, and enable businesses in both the UK and EU countries to sell more effectively in each other’s markets.

The speech formed part of a trip during which the Chancellor held a series of bilateral meetings with her European counterparts.

While there are no plans to rejoin the single market, customs union, or restore freedom of movement, European Commission President Ursula von der Leyen and Keir Starmer agreed on 2 October to strengthen the UK-EU relationship and place it on a firmer, more stable footing.

The business community now awaits details on how these discussions will lead to tangible changes with EU trading partners.

See: https://www.gov.uk/government/news/chancellor-calls-for-business-like-relationship-with-eu