UK Chancellor says Closer Ties With EU Will Boost Economy

UK Chancellor Rachel Reeves is expected to tell finance leaders on Monday that closer relations between the UK and the European Union, EU, will boost economic growth.

The BBC is reporting that in the first address by a British chancellor to the Eurogroup since Brexit, Reeves will say that a “reset” in relations would mean “breaking down barriers to trade” as well as helping “businesses sell in each other’s markets”.

While Labour has ruled out re-joining the trade bloc, it has repeatedly said it wants the UK to “deepen ties” with the EU.

The Conservatives said the chancellor should instead be working out how to reverse the “devastating Budget measures that have crashed confidence”.

The British Chambers of Commerce, which represents about 50-thousand businesses, said that in order for the economy to grow they must export more but UK firms are struggling under huge regulatory and paperwork burdens.