LIVERPOOL, England (AP) — Britain’s Treasury chief warned Monday that wars in Ukraine and the Middle East and economic headwinds sparked by U.S. President Donald Trump’s tariffs have worsened the U.K.’s economic outlook since the governing Labour Party won power last year.

Chancellor of the Exchequer Rachel Reeves is under pressure to say whether she will raise taxes in her autumn budget on Nov. 26.

“In the last year the world has changed, and we are not immune to that change,” she told the BBC. “Whether it is wars in Europe and the Middle East, whether it is increased barriers to trade because of tariffs coming from the United States, whether it is the global cost of borrowing, we’re not immune to any of those things.”

Reeves hopes to deliver a touch of economic optimism when she addre

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