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A major UK–India trade pact will be signed in London next week. The free-trade agreement slashes tariffs on whisky and cars, boosts UK GDP by £4.8 billion, and grants duty-free access for 99% of Indian exports.
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The European Central Bank faces new uncertainty over U.S. trade. Bundesbank President Joachim Nagel urged “politics with a steady hand” as Trump’s sweeping tariff threat disrupts policy plans. Officials will now rerun growth forecasts ahead of the 23–24 July ECB meeting, with no immediate rate move expected.
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EU ministers have approved Bulgaria’s accession to the eurozone. The country will become the 21st member on 1 January 2026. Bulgaria’s conversion rate is fixed, and dual pricing will start in August as the government aims to ease consumer transition and address inflation concerns.
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Trump threatens tariffs on countries supporting BRICS policies. The warning was issued as BRICS leaders convened in Rio to discuss reforming global financial institutions and reducing reliance on the US dollar.
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Tariff fears are delaying Bank of England action. Governor Andrew Bailey warned that global trade uncertainty is paralysing investment, making it harder to cut interest rates without deepening the slowdown. The Bank now faces a slower, cautious path to easing.
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Canada suspends its digital services tax to revive US talks. The tax aimed at US tech giants faced criticism from President Trump, who halted negotiations and threatened tariffs. Talks are set to resume, targeting a new trade deal by 21 July.
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UK introduces new steel safeguard measures from July 2025. The UK government has announced strengthened steel import safeguards, reducing quota liberalisation and implementing caps to protect domestic producers from redirected foreign imports in response to US tariffs.
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The UK set to lose more millionaires than any country. A report indicates 16,500 millionaires will exit Britain by 2025. This trend highlights concerns over the UK’s economic competitiveness and tax environment, potentially impacting the nation’s wealth retention and economic health.
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UK executives face record stress levels. New Icertis research shows tariffs, regulatory shifts, and the scramble to keep pace with AI are placing UK C-suites under mounting pressure — with nearly 90% expecting tariffs to dent the bottom line, and four in five struggling to assess AI investment impact.
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UK and India agree major trade deal. The agreement will cut tariffs, boost trade by £25.5bn, and open up key sectors. Ministers say the deal will benefit whisky, cars, and services — though ratification and investment talks are still ongoing.