Rachel Reeves has condemned Donald Trump’s decision to launch war against Iran as “folly”, saying the US went into the conflict without a clear exit plan. The chancellor said she was “frustrated and angry” about the effect the move could have on UK firms and families.
The comments came during a wider discussion of the government’s response to a series of international and domestic political issues, including defence spending, the war in Ukraine and questions about political standards in Parliament.
Reeves’s criticism focused on the consequences of the US decision and the lack of a clear way out of the conflict. Her remarks reflected concern that the war could have knock-on effects for the UK economy and household finances at a time of wider global instability.
Davey calls for tighter rules on MPs and financial products
Earlier in the exchange, Liberal Democrat leader Ed Davey was asked why he was calling for an inquiry into Nigel Farage’s investment in a bitcoin firm. Davey said that Farage, the Reform UK leader, appeared to be copying Donald Trump by investing in crypto.
Davey argued that MPs should not be allowed to promote financial services or products. Referring to Farage, he said: “[Farage is] now promoting this business. The question is, is he persuading people to put money into a risky business?”
He added that the issue raised a broader question about the rules governing MPs. “And the conclusion I draw from this example is that we need to change the rules for MPs. MPs should not be allowed to promote specific financial services or products in the way we’re seeing Nigel Farage doing,” he said.
Davey’s comments linked the Farage row to concerns about whether politicians should be able to use their public platform to back commercial products or financial services, especially where there may be risks for consumers.
Defence spending and Europe’s security
The discussion also turned to defence and security. Davey said the country needed to come together in the face of serious defence challenges, pointing to war on the European continent for the first time in a long period and Russia’s invasion of Ukraine.
“We need to get together as a country,” he said. “The defence challenges for our country are so serious, with war on our continent for the first time for a long time, with Russia invading Ukraine, surely that’s been the wake up call that we needed.”
He argued that the government had not moved as quickly as it should have given those circumstances. His remarks came amid continuing debate over how rapidly the UK should respond to the deteriorating security situation in Europe.
The exchange reflected the increasingly broad political pressures facing ministers: concerns over international conflict, questions about financial regulation and standards in public life, and arguments over whether the government is doing enough on defence.
