We are a small, open trading economy, and we benefit from those trade links with countries around the world, both for exports and imports, but also for foreign direct investment. Our approach is to trade and cooperate where possible and to challenge where necessary. However, we do not want to close the UK economy to imports and exports. We benefit from those trade links globally, including with China.
Reeves acknowledged the challenging fiscal landscape she has inherited, suggesting that unpopular tax and spending decisions may be on the horizon. I'm under no illusions about the scale of the challenge that I face. I won't announce any tax breaks or changes without detailing how they will be funded.
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