![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/02\/01KBCSN1RSXX92CZE5RXDV90SB-1024x683.jpg\")
Chancellor of the Exchequer Rachel Reeves speaks to the media as she arrives for the Wales Investment Summit at the International Convention Centre Wales in Newport. Photo Ben Birchall\/PA Wire<\/p>\n Chancellor of the Exchequer Rachel Reeves speaks to the media as she arrives for the Wales Investment Summit at the International Convention Centre Wales in Newport. Photo Ben Birchall\/PA Wire<\/p>\n
Chancellor Rachel Reeves has been accused of wanting to \u201crow back on Brexit\u201d after calling for a deeper trade relationship with the EU.<\/p>\n
In a speech at the London School of Economics, Ms Reeves said closer European ties would boost the economy and improve security.<\/p>\n
But Shadow Chancellor Sir Mel Stride dismissed the comments, urging the Labour government to \u201caccept their poor choices\u201d have led to economic hardship.<\/p>\n
\u201cIt\u2019s no secret that Reeves and Starmer have wanted to row back on Brexit since day one,\u201d he said.<\/p>\n
\u201cLabour are desperate to blame anyone but themselves for their economic failures.<\/p>\n
\u201cUnder increasing pressure from their own soft-left colleagues following the Mandelson scandal, Starmer and Reeves would rather point the finger at Brexit than accept their poor choices have been a disaster for our economy.\u201d<\/p>\n
Since returning to power, Labour has worked to strengthen trade ties with India, the United States, the EU, and South Korea.<\/p>\n
At an event on Wednesday celebrating the 20th anniversary of the economic think tank Bruegel, Ms Reeves said the UK\u2019s future was \u201cintrinsically bound\u201d with Europe.<\/p>\n
\u201cThe biggest prize is clearly with the EU,\u201d she said.<\/p>\n
\u201cThe truth is economic gravity is reality. Almost half of our trade is with the European Union. We trade almost as much with the EU as the whole of the rest of the world combined.<\/p>\n
\u201cThere are three big trading blocs in the world \u2013 there\u2019s the US, there\u2019s China and there is Europe. We want to make Europe as strong as possible, and that means not putting up the drawbridge.\u201d<\/p>\n
The Chancellor confirmed Britain would align with EU regulatory standards where it serves the national interest, to reduce trade barriers for British businesses.<\/p>\n
Prime Minister Sir Keir Starmer has held regular summits with EU officials, established as part of the Government\u2019s so-called \u201creset\u201d of post-Brexit relations with Brussels.<\/p>\n
Ms Reeves said Britain\u2019s security is inseparable from that of its neighbours.<\/p>\n
\u201cOn defence, we don\u2019t want to create more barriers. We want to be bringing those barriers down,\u201d she said. We want to greater integrate supply chains, not damage them by taking a sort of inward-looking approach.<\/p>\n
\u201cI don\u2019t think any Chancellor actually believes we are getting the value for money that we should.<\/p>\n
\u201cThings like interoperability, joint procurement, not every country in Europe having different specifications when they\u2019re buying equipment \u2013 the potential there is huge.\u201d<\/p>\n
It is the latest in a series of moves the Labour Government has taken to establish closer ties with the European Union.<\/p>\n
Earlier in February, Britain and the EU announced they were aiming to finalise negotiations on a youth mobility scheme in time for a joint summit later this year.<\/p>\n
Cabinet Office minister Nick Thomas-Symonds and European commissioner Maros Sefcovic confirmed both sides would seek to conclude talks in time for the annual event after a meeting in London.<\/p>\n
The scheme, which is among several areas under discussion, would make it easier for young people in the UK to work for a period in EU countries and vice versa.<\/p>\n
Ms Reeves\u2019 comments come ahead of Thursday\u2019s release of official economic growth data for the final three months of 2025.<\/p>\n
Economists have broadly predicted modest expansion, with the economy expected to have risen by 0.1%, matching the pace in the third quarter.<\/p>\n
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