UK treasury chief says 'harsh global headwinds' from wars and tariffs are harming the country's economic outlook

Britain’s Treasury chief warned Monday that “harsh global headwinds” from wars in Ukraine and the Middle East and 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 told Labour’s annual conference that her economic plans must be “fit for an uncertain world,” a hint 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 before the speech. “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.”