Rachel Reeves defends benefit cuts and denies further tax rises likely in autumn – UK politics live

Chancellor confirmed welfare cuts of £4.8bn in spring statement, but insisted the priority was to restore stability to the public finances

Rachel Reeves, the chancellor, has said the UK is not planning “at the moment” to introduce retaliatory tariffs on the US, after Donald Trump imposed a new trade tax on car imports.

Speaking on Sky News, she said:

We’re not at the moment at a position where we want to do anything to escalate these trade wars.

Trade wars are no good for anyone. It will end up with higher prices for consumers, pushing up inflation after we’ve worked so hard to get a grip of inflation, and at the same time will make it harder for British companies to export.