Jeremy Hunt has urged Sir Keir Starmer to use Brexit to turn Britain into “Singapore-on-Thames” in response to Donald Trump’s tariffs.
The former Tory chancellor said retaliating with more trade barriers would risk plunging the UK into recession.
Starmer must “resist the siren song of protectionism”, said Hunt, after the US President hit the UK with tariffs of 10 per cent.
Sort: Newest first Oldest first April 4, 2025 7:42 amMore UK market chaos predicted after Trump’s ‘liberation day’ tariffs
The UK is braced for more market chaos on Friday as the Government considers its response to Donald Trump’s tariffs.
The FTSE fell to a three-month low on Thursday (Photo: PA Graphics/ PA Wire)The economic impact of the tariffs are already being felt, with stock markets tumbling around the world.
The FTSE 100 plunged to a three-month low on Thursday after the news that British exports to the US would face a blanket 10 per cent tariff.
In the US, the Dow Jones index suffered its worst day since 2020, falling almost four per cent as analysts at Barclays said there was a “high risk that the US economy enters a recession this year”.
The Nikkei index in Tokyo lost 2.6 per cent in early trading on Friday.
Setting off to attend a golf tournament in Florida on Thursday, Mr Trump told reporters he thought things were going “very well”, adding: “The markets are going to boom.”
April 4, 2025 7:30 amUK Government mulls response to Trump’s tariffs as global markets slide
Good morning, and welcome to The i Paper’s live blog. Jeremy Hunt has urged Sir Keir Starmer to use Brexit to turn Britain into “Singapore-on-Thames” in response to Donald Trump’s tariffs.
It comes as ministers insisted they will respond with “cool and calm heads”, but are keeping all options open, including the possibility of retaliatory tariffs on a range of American goods.
Shadow Chancellor of the Exchequer Jeremy Hunt at the Conservative Party Conference (Photo: Rasid Necati Aslim/Anadolu/Getty)The former Tory Chancellor, writing in The Telegraph, said countries like Singapore show “openness can still deliver excellent results” as he warned the Prime Minister against hitting back with counter-tariffs.
“Over the last half century, its living standards have grown five times faster than ours,” he wrote.
“Those who deride the idea of “Singapore-on-Thames” fail to understand that the heart of their success has not been a harder-edged social policy but the building up of internationally competitive businesses through willingness to trade.
“But Singapore didn’t invent free trade. That honour belongs to Britain. Even if others turn their backs on it, we should remember the benefits of one of our greatest gifts to the world.”
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