Oct 28, 2025

Chancellor Rachel Reeves stated that Brexit has pushed up FP.CPI.TOTL.ZG in Britain while addressing an investment summit in Saudi Arabia. She said that inflation was too high in Britain and one of the reasons was “too much cost associated with trade”.

Inflation remained at 3.8 percent for the third month in a row in September, nearly double the Bank of England’s target. Ms Reeves said Britain’s inflation problem had been partially addressed with the fresh trade agreement made with the EU in May.

“There are obviously huge benefits from rebuilding some of those relations, but also inflation is too high,” she told the Future Investment Initiative in Riyadh. “One of the reasons for that is that theres too much cost associated with trade with our nearest neighbours and trading partners.”

She said that Brexit “was a rejection of open borders” and that the Government had been worried that “reopening that can of worms” of the relationship with the EU could be “quite dangerous”. However, she insisted the response to rebuilding trade ties with the EU “has been very good”.

Separately, Chris Bryant, the trade minister, said Brexit has been “bad for trade” with the European Union as he attended an event at the headquarters of the World Trade Organisation (WTO) in Geneva.

Elevated levels of inflation increase the cost of servicing Britain’s £2.9 trillion of national debt, with interest payments on large portions of the borrowings tied to inflation. The Chancellor is leading a UK delegation to the Gulf in search for economic growth, with less than a month to go before her autumn Budget.

She spoke amid reports that the downgrades by the Office for Budget Responsibility (OBR) will deliver a £21bn blow to the public finances. The budget watchdog is expected to cut its forecast for SL.GDP.PCAP.EM.KD by about 0.3 percentage points. The Institute for Fiscal Studies (IFS) has warned that every 0.1 percentage point hit to productivity will deliver a £7bn blow to Britain’s public balance sheet.

Michael Saunders, a former rate setter at the Bank of England who is now senior advisor at Oxford Economics, said the Chancellor should have three aims in the Budget: to address Britain’s medium term fiscal vulnerabilities, to avoid overly heavy tax hikes and to increase headroom to leave her less beholden to the bond markets.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND THE AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO
  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and its Prospects

    1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. MARKET FORECAST TO 2035
  4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

    Finding New Products to Diversify Your Business

    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCTS
    4. MOST TRADED PRODUCTS
    5. MOST PROFITABLE PRODUCTS FOR EXPORT
  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES
  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Export

    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS
  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles


  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles


    This Chapter is Available Only for the Professional Edition
    PRO

    • United States

    • China

    • Japan

    • Germany

    • United Kingdom

    • France

    • Brazil

    • Italy

    • Russian Federation

    • India

    • Canada

    • Australia

    • Republic of Korea

    • Spain

    • Mexico

    • Indonesia

    • Netherlands

    • Turkey

    • Saudi Arabia

    • Switzerland

    • Sweden

    • Nigeria

    • Poland

    • Belgium

    • Argentina

    • Norway

    • Austria

    • Thailand

    • United Arab Emirates

    • Colombia

    • Denmark

    • South Africa

    • Malaysia

    • Israel

    • Singapore

    • Egypt

    • Philippines

    • Finland

    • Chile

    • Ireland

    • Pakistan

    • Greece

    • Portugal

    • Kazakhstan

    • Algeria

    • Czech Republic

    • Qatar

    • Peru

    • Romania

    • Vietnam
  12. LIST OF TABLES
    1. Key Findings In 2024
    2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Per Capita Consumption, by Country, 2022–2024
    5. Production, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    6. Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    7. Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    8. Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    9. Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    10. Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    11. Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
  13. LIST OF FIGURES
    1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Consumption, by Country, 2024
    4. Market Volume Forecast to 2035
    5. Market Value Forecast to 2035
    6. Market Size and Growth, By Product
    7. Average Per Capita Consumption, By Product
    8. Exports and Growth, By Product
    9. Export Prices and Growth, By Product
    10. Production Volume and Growth
    11. Exports and Growth
    12. Export Prices and Growth
    13. Market Size and Growth
    14. Per Capita Consumption
    15. Imports and Growth
    16. Import Prices
    17. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    18. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    19. Production, by Country, 2024
    20. Production, In Physical Terms, by Country: Historical Data (2012–2024) and Forecast (2025–2035)
    21. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    22. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    25. Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    26. Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    27. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    28. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    31. Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
    32. Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)