Keir Starmer speech LIVE: Updates as PM to answer Donald Trump tariffs at present
Keir Starmer is about to make a major speech on the future of the British car industry after experts warned of a huge impact from Trump’s tariffs.
In the West Midlands, the Prime Minister will unveil a raft of new policies to support automobile firms after Jaguar Land Rover announced over the weekend that they would “pause” shipments to the US until they can “address the new trading terms”.
A 25% tariff is now applied to foreign cars imported into the US under the previously announced tariffs, which came into effect last week. Other British products will also face a 10% levy following Trump’s disastrous ‘Liberation Day’.
In a bid to support manufacturers, Starmer is expected to relax rules around fines for those who do not sell enough electric cars, and supercar firms will be exempted. He will reinstate the 2030 ban on the sale of new petrol and diesel cars – but regulations around manufacturing targets on electric cars and vans will also be tweaked to help firms in the transition. New hybrids will be on the market for another five years.
Luxury supercar firms such as Aston Martin and McLaren will meanwhile be allowed to keep producing petrol cars beyond 2030, as they only manufacture a small number of vehicles per year. New hybrids and plug-in hybrid cars will be allowed to be sold until 2035. Petrol and diesel vans will be able to be sold until 2035, as well as all hybrid models.
Officials are also going to make it easier for manufacturers who do not comply with Government sales targets to avoid fines, and levies will be reduced. Support for the car industry will be kept under review as the full impact of the tariffs becomes clear.
It came as the FTSE 100 plunged to a one-year low this morning as fears deepen over a new global recession caused by Trump’s tariffs. The index, which tracks the UK’s top 100 listed firms, dropped by about 5% in early trading on Monday as a sharp sell-off kicked in shortly after markets opened. It follows plunges in many Asian markets overnight and a bleak picture in this morning’s European stock markets.
Follow the latest updates below…
Turmoil continues across global financial markets as recession fears increase
The FTSE is down 5.4% this morning – but Britain is far from the worst affected by the global financial turmoil this morning, with many countries seeing much deeper plunges.
Germany’s DAX index opened 9.4% lower, while Taiwan’s stock market suffered its worst one-day drop on record of almost 10% following the White House’s announcement of 32% tariffs on all goods imported from the country.
Trillions of dollars have now been wiped off the major stock exchanges since last week, adding to economists’ fears that Donald Trump’s tariffs could trigger a new global recession.
There’s been mounting pressure from the president’s business allies for him to ditch or water down his policy – but last night he insisted that the country needed to take its “medicine”, suggesting no U-turn is in sight yet.
Keir Starmer’s warning on major change for UK
The Prime Minister has declared “the world as we knew it has gone” ahead of a major speech in the wake of Donald Trump’s tariff announcements.
Keir Starmer will say that globalisation as we know it has ended and vow to “move further and faster” to boost growth in the UK.
After today’s speech in the West Midlands, he is expected to ramp up support for British businesses and will announce a raft of measures to grow the economy.
Keir Starmer’s chilling eight-word warning on major change for UK
Keir Starmer to announce major change on petrol and diesel cars and hybrids amid Trump chaos
Keir Starmer will declare his backing for “British brilliance” with a support package for the car industry in the wake of Donald Trump ’s tariffs.
The Prime Minister has given the go-ahead to watering down rules on selling electric cars to stop the industry being decimated. In a major speech on Monday, Mr Starmer will vow to help “ensure home-grown firms can export British cars” amid “global economic headwinds”.
He said that “global trade is being transformed” and businesses need “a government that steps up”.
Keir Starmer to announce major change on petrol and diesel cars and hybrids amid Trump chaos
Minister responds to fears of global recession
This morning, Transport Secretary Heidi Alexander responded to a question on whether there would be a global ‘bloodbath’ amid fears Donald Trump’s will cause a worldwide recession.
Asked by Sky News host Wilfred Frost on whether Trump’s measures would lead to a global recession, the Labour frontbencher admitted that global tariffs are “bad news”.
She said: “So the imposition of global tariffs and the reciprocal tariffs that some countries have and retaliatory tariffs that some countries have decided to apply, are bad news for the global economy, because it’s bad for global demand, it’s bad for prices and it’s bad for consumers, and so that is why we have to do everything that we can to protect the interests of the British people and British businesses.”
She said the Government will announce a string of moves to protect car manufacturers, stating: “And that is why we are setting out a package of support today for the car industry to provide certainty to British manufacturers and to ensure that they can remain at the cutting edge of the transition to electric vehicles, and also make sure that consumers can benefit from the cheaper running costs of electric vehicles as well.
“And so that’s why the Prime Minister has been clear that we need to do absolutely everything we can as a government to shelter British businesses from these global economic headwinds.”
Minister responds to fears of global recession as Trump tariffs cause market chaos
