FTSE tumbles over fears Trump will impose crippling tariffs on Britain this week: UK politics lates | EUROtoday

Europe ought to “take the reins now” as Donald Trump’s tariffs loom, the top of the European Central Bank has mentioned, warning the continent is at an “existential moment”.

Christine Lagarde insisted the US president’s 25 per cent tariff on the motoring sector affords a chance.

She instructed France Inter Radio: “I consider it a moment when we can decide together to take our destiny into our own hands, and I think it is a march to independence.

“We are at an existential moment for Europe in which if we are able to take this step to independence, in terms of defence – which is not my topic so I won’t speak of that – energy and finance, which is much more my subject. We must absolutely take the reins now.”

Five nationalities collectively accounted for greater than half the entire variety of migrants who have been detected getting into the UK illegally in 2024.

Afghan nationals have been the commonest group, making up 15 per cent (6,339) of the 43,630 migrants who arrived within the nation by way of unlawful routes final 12 months, Home Office figures present.

The subsequent commonest nationalities have been Iranian (5,370 or 12 per cent), Syrian (4,945 or 11 per cent), Eritrean (3,920 or 9 per cent) and Vietnamese (3,798 or 9 per cent).

Some 1,457 of arrivals final 12 months (3 per cent) had no nationality recorded.

The high two nationalities in 2024, Afghan and Iranian, have been additionally the commonest in 2023, accounting for 17 per cent and 14 per cent of whole arrivals in that 12 months respectively.

The proportion of arrivals who have been Vietnamese rose from 4 per cent in 2023 to 9 per cent in 2024, whereas the proportion from Syria elevated from 7 per cent to 11 per cent.

Separately, it is value noting that in addition to tariffs weighing on share costs, the proprietor of Primark is the most important faller in morning buying and selling on the FTSE 100 – Associated British Foods (ABF) is down 4.6 per cent already.

That’s following the departure of Primark CEO Paul Marchant, who resigned after an allegation over his behaviour in the direction of a girl at a social occasion.

ABF said that Mr Marchant stood down with fast impact and finance director Eoin Tonge will take over on an interim foundation.

Mr Marchant had led Primark since 2009. While ABF have a wide-ranging empire together with agriculture, ingredient manufacturing and meals manufacturers together with Twinnings and Kingsmill, clothes retailer Primark is a key element of the enterprise and contributed almost half of the entire £20bn group income final 12 months. Parent firm ABF’s CEO George Weston mentioned he was “immensely disappointed” with the scenario.

It has definitely been a morning of unfavorable sentiment so far as the markets go within the UK and round Europe, following extra weekend tariff concern and a steep in a single day drop in Asia.

By 9am after an hour of buying and selling, solely 10 per cent of the FTSE 100 corporations have been in constructive territory and solely three have been up by greater than 0.4 per cent.

On a wider lens, whereas the FTSE 100 is down 0.85 per cent as an entire, smaller corporations have it worse up to now – the FTSE 250 is down 1.34 per cent, whereas in Europe every of the CAC 40 in France, the DAX in Germany and the Euronext 100 are down by between 0.7 and 0.8 per cent every.

Uncertainty is weighing closely on the minds of traders forward of additional bulletins by the Trump administration – and along with his 2 April deadline to impose additional duties on the US’s greatest importers.

More than 24,000 individuals with no proper to be within the UK have been deported since Labour got here to energy, with Sir Keir Starmer touting an eight-year excessive in immigration enforcement.

The prime minister mentioned Labour has restored order to the immigration system, with a 21 per cent improve in enforced returns and a 16 per cent bounce in international nationwide offenders being faraway from the UK since 5 July.

That included the 4 greatest chartered return flights in British historical past, with greater than 850 on board.

Sir Keir mentioned: “Immigration crime funds the vile people-smuggling gangs that trade in human misery, breach our borders and threaten Britain’s economic security.

“This government is taking back control, doing the hard graft needed to deliver results, working with our international allies to smash these gangs and secure our borders.

“We’ve already removed more than 24,000 people with no right to be here and we’re finally shutting down exploitative illegal working, dismantling criminal networks, while forcing people-smuggling gangs out of business.

“For too long, the UK was a soft touch. That ends now. No more gimmicks, no empty promises, just serious action for British security.”

Sir Keir Starmer is eager to remind voters of the Conservative method to tackling unlawful migration, laying into the Rwanda “gimmick”.

The prime minister laid out how the Tories spent £700m sending simply 4 volunteers to the east African nation, saying Labour would come up as a substitute with “pragmatic solutions that work actually fixing what’s wrong”.

“Focusing our efforts and resources on the nuts and bolts of removing people, getting the asylum system working properly, that’s how we’ve delivered the highest return rates for eight years and the four biggest return flights ever,” Sir Keir mentioned.

He added: “We’re also ramping up the deportation of foreign national offenders with a new team of specialist frontline staff going into our prisons, speeding up the removal of prisoners who have no right to be in this country.”

Sir Keir Starmer has mentioned these coming to the UK on small boats ought to as a substitute be at residence contributing to their very own international locations’ economies.

The prime minister is continuous to argue that cracking down on the crossings isn’t being achieved out of an absence of compassion, however as a result of it’s the proper factor to do.

“There’s nothing progressive about allowing working age people to come here illegally, instead of supporting them to build their own economies, secure a better future for their own countries and build a safer, more prosperous world,” the PM mentioned.

It is obvious who Sir Keir Starmer has in thoughts when he declares that small boats crossing the English Channel make him “angry”.

The prime minister is aware of Nigel Farage is capitalising on a wave of concern on the spiralling price of housing those that arrive right here in lodges throughout the nation.

But, by including to the outrage with out providing tangible progress on bringing down the variety of crossings, the prime minister dangers giving floor to Mr Farage.

Small boat crossings are working at a report excessive this 12 months, and voters is not going to end up for Sir Keir on the poll field just because he shares their anger.

To win again the votes of these involved about small boats, the PM should present progress is being made tackling the problem.