Donald Trump has claimed that Sir Keir Starmer “was very happy” with Washington’s new 10 per cent tariffs on UK goods, as the prime minister warned of a “new economic era”.
“We have a very good dialogue. I think he was very happy about how we treated them with tariffs,” the US president told reporters on Air Force One, adding that he was open to negotiations if countries offer “something that is so phenomenal”.
After bleeding to its lowest level since mid-January on Thursday, the FTSE 100 fell a further 0.5 per cent on Friday morning, as Asia-Pacific markets opened in the red for a second consecutive day – with Japan’s Nikkei falling 1.85 per cent and Australia’s S&P/ASX 200 index tumbling 2 per cent to an eight-month low. Overnight, S&P 500 companies lost a combined $2.4trn in stock market value, their biggest one-day loss since the Covid pandemic in March 2020.
Sir Keir warned on Thursday that – as with defence and security – the world was at the beginning of a “new economic era” in which “we have to act and lead differently”, describing the response to Mr Trump’s tariffs as “not just a short-term tactical exercise”.
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Key points
- Donald Trump claims Keir Starmer ‘very happy’ with tariffs on UK
- Starmer warns of ‘a new economic era’
- Watch: UK foreign secretary says he ‘regrets’ return to US protectionism
- S&P 500 records biggest one-day hit since Covid pandemic in March 2020
- List of US products that could be hit by retaliatory UK tariffs
FTSE 100 tumbles 0.64 at opening as European and Asian markets slip
08:26
,
Karl Matchett, Business and Money Editor
Another day in the stock markets, another series of losses looking likely.
The FTSE 100 has opened 0.64 per cent down; nothing approaching the scale of yesterday's destruction of value in the US markets of course, but still giving up hard-won ground from earlier in the year as a result of Trump’s tariffs.
After Asian markets suffered a similar continued downward spiral overnight, the same is now showing true in Europe: the CAC 40 in France, the DAX in Germany and the Euronext 100 are all down between two-thirds and a full per cent this morning.
“Liberation day has left markets in a state of shock. The situation is fluid, but we believe tariffs aren’t going away anytime soon. While the US has a lot to lose, EU equities are holding up relatively well, even more so in dollar terms,” wrote analysts at Barclays this morning.
Watch: David Lammy says US return to protectionism is regrettable
08:14
,
Andy Gregory
Foreign secretary David Lammy has said he regrets the return to protectionism in the United States.
Speaking as he arrived in Brussels to meet his Nato counterparts, Mr Lammy told reporters: “The United Kingdom, like France, is a great maritime nation.
“We are a nation that believes in open trade, and I regret the return to protectionism in the United States, something that we’ve not seen for nearly a century. As you know, we are consulting with business and industry. At this time, we are engaged in discussions with the United States to strike an economic agreement and an economic deal.
“And of course, we have been absolutely clear that all options are on the table as we ensure the national interests of the British people, who will be very concerned at this time about how this affects the bottom line for them and their economic welfare.”
Jeremy Hunt calls for ‘Singapore-on-Thames’ in wake of Trump tariffs
08:07
,
Andy Gregory
Tory former chancellor Jeremy Hunt has revived the Brexiteer call to turn Britain into “Singapore-on-Thames” by making the UK a low-tax nation welcoming free trade in response to Donald Trump’s tariffs.
Writing in The Telegraph, Mr Hunt urged Sir Keir to “resist the siren song of protectionism”, saying: “Countries like Singapore demonstrate, openness can still deliver excellent results. Over the last half century, its living standards have grown five times faster than ours.
“Those who deride the idea of “Singapore-on-Thames” fail to understand that the heart of their success has not been a harder-edged social policy but the building up of internationally competitive businesses through willingness to trade.
“But Singapore didn’t invent free trade. That honour belongs to Britain. Even if others turn their backs on it, we should remember the benefits of one of our greatest gifts to the world.”
UK braces for more market chaos today
08:00
,
Alisha Rahaman Sarkar
The UK is braced for more market chaos on Friday as the government considers its response to Donald Trump's tariffs.
The FTSE 100 fell to a three-month low yesterday after the news that British exports to the US would face a blanket 10 per cent tariff.
An "indicative list" published by the British government named some American products that could be targeted in its response, including bourbon whiskey, motorcycles, guitars and jeans.
But an immediate response is unlikely as trade secretary Jonathan Reynolds told MPs he would hold a four-week consultation on retaliatory action.
The government still hopes for an "economic deal" with the US to secure some exemption from the tariffs, with prime minister Sir Keir Starmer promising businesses that he would "fight for the best deal for Britain".
Trump claims Starmer ‘very happy’ with UK tariffs
07:38
,
Andy Gregory
Donald Trump has claimed that Sir Keir Starmer “was very happy” with Washington’s new 10 per cent tariffs on UK goods.
“We have a very good dialogue. I think he was very happy about how we treated them with tariffs,” the US president told reporters on Air Force One.
Mr Trump added that he was open to negotiations on the tariffs if countries offered “something that is so phenomenal”.
Speaking at the launch of his local government campaign in Chesterfield on Thursday, Sir Keir said that the world was at the beginning of a “new economic era” in which “we have to act and lead differently” – describing the response to Mr Trump’s tariffs as “not just a short-term tactical exercise”.
The prime minister said: “It is the beginning of a new era, we need to understand that, just as we have for defence and security, we have to understand the changing world when it comes to trade and the economy.”
Turkey wants to negotiate 10% tariff
07:21
,
Alisha Rahaman Sarkar
Turkey wants to negotiate with the US to lift the 10 per cent additional tariffs announced by president Donald Trump, trade minister Omer Bolat said this morning.
"We want to discuss the issue in negotiations with the US Department of Commerce and Trade Representative... since there is a $2.4bn surplus in favour of the US in trade between the two countries for 2024," he said in a statement.
IMF says Trump tariffs are a ‘significant risk’ to global economic outlook
07:08
,
Alisha Rahaman Sarkar
Donald Trump's sweeping tariff campaign presents a “significant risk” to the global economic outlook “at a time of sluggish growth”, the head of the International Monetary Fund has warned.
Managing director Kristalina Georgieva said officials were still assessing the macroeconomic implications of the tariff plans Mr Trump announced this week.
"It is important to avoid steps that could further harm the world economy," she said as global markets bled yesterday.
“We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty,” she added.
Watch: Keir Starmer says he will 'fight' to secure deal with US
07:01
,
Athena Stavrou
Trump closes China tariff loophole used by fast fashion retailers
06:46
,
Alisha Rahaman Sarkar
Donald Trump has signed an executive order to shut down a trade loophole known as “de minimis” that has allowed low-value packages from China and Hong Kong to enter the US free of duties.
The move appears to be a massive blow to fast-fashion companies such as China-based Shein and Temu, which managed to rapidly expand in the US through the almost century-old de minimis rule. This tariff exemption will end on 2 May, the White House said on Wednesday.
More here.
Asian shares continue to slide
06:44
,
Alisha Rahaman Sarkar
Asian shares slid further today after US president Donald Trump's tariffs sent shudders through financial markets at a level of shock not seen since Covid-19 pummelled world markets in 2020.
Mr Trump announced a minimum tariff of 10 per cent on global imports, with the tax rate running much higher on products from certain countries like China and those from the European Union. Smaller, poorer countries in Asia were slapped with tariffs as high as 49 per cent.
Tokyo's Nikkei 225 lost 4.3 per cent, while South Korea's Kospi sank 1.8 per cent. The two US allies said they were focused on negotiating lower tariffs with Trump's administration. Australia's S&P/ASX 200 dropped 2.2 per cent.In other trading early this morning, the US dollar fell to 145.39 Japanese yen from 146.06.
The yen is often used as a refuge in uncertain times, while Trump's policies are meant in part to weaken the dollar to make goods made in the US more price competitive overseas. The euro gained to $1.1095 from $1.1055.
Taiwan's leader says he will support impacted industries after 'unreasonable' tariffs imposed
06:26
,
Alisha Rahaman Sarkar
Taiwan's president Lai Ching-te said he will offer the "greatest support" to industries impacted by the new tariffs.
Mr Lai acknowledged that Taiwan had a trade surplus with the US, but that much of it came from Taiwanese industries trying to fulfill the US demand for Taiwan's information technology products.
"We feel that this is unreasonable and are also worried about the subsequent impact these measures may have on the global economy," Mr Lai said in a statement on Facebook.
The president said he instructed premier Cho Jung-tai to work closely with industries that are impacted and to communicate with the public about their plans to stabilise the economy.
Trump finally goes all in on tariffs
06:19
,
Alisha Rahaman Sarkar
Free trade advocates in the Republican Party’s old guard piled on Donald Trump as the stock market tumbled sharply downwards on Thursday in response to the White House’s tariff plan.
Wednesday’s announcement of across-the-board tariffs on nearly all countries that export goods to the US sent markets spiraling in after-hours trading, which solidified into a steep drop Thursday morning. Reuters reported that the first US job losses from import tariff hikes were taking place in Michigan and Indiana, where automaker Stellantis announced hundreds of “temporary” layoffs due to idling production facilities in Mexico and Canada.
Signs of the backlash from within conservative circles were already evident Wednesday afternoon, as a handful of GOP senators including former Majority Leader Mitch McConnell sided with Democrats to condemn the president’s trade action.
John Bowden has more.
Japan's Nikkei tumbled 3.4 per cent and was on course to lose nearly 10 per cent
06:03
,
Alisha Rahaman Sarkar
Vietnam asks US to postpone hefty tariff
06:03
,
Alisha Rahaman Sarkar
Vietnam has reportedly asked the US to postpone the hefty 46 per cent tariff imposed by Donald Trump, which will be implemented on 9 April.
The government, which was slapped with one of the highest tariffs, claims “there is still room for discussion and negotiation” between the two sides.
The tariffs will have a “negative impact” on Vietnam’s exports, the government said on its website.
"We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries," Vietnam's foreign ministry spokesperson Pham Thu Hang told Reuters today.
The US is Vietnam's largest export market, and in 2021, exports to the US were valued at $142bn, nearly 30 per cent of the country's GDP. Vietnam's trade surplus with the US exceeded $123bn last year.
Ask John Rentoul anything in Q&A on Trump’s tariffs, Brexit and more
06:00
,
Athena Stavrou
The Independent’s chief political commentator, John Rentoul, will be answering your questions in a live Q&A on Friday, 4 April, at 1pm BST.
With Donald Trump’s new tariffs affecting UK exports, Keir Starmer’s government faces critical decisions.
What does this mean for Britain’s economy and post-Brexit trade? How will it impact UK-US and UK-EU relations?
Japan says Trump's tariffs a 'national crisis'
05:27
,
Alisha Rahaman Sarkar
Prime minister Shigeru Ishiba said this morning that tariffs imposed on Japanese goods by US president Donald Trump are a "national crisis".
Japan, one of the United States' biggest trading partners and its largest foreign investor, was hit by a 24-percent levy.
The levies "can be called a national crisis and the government is doing its best with all parties" to lessen the impact, Mr Ishiba said in parliament.
Japan's Nikkei was down 1.85 per cent after hitting an eight-month low yesterday shortly after the tariffs were announced.
The prime minister called for a "calm-headed" approach to negotiations with Mr Trump's administration, which has also imposed 25 per cent tariffs on auto imports.
Trump administration sued over Chinese import tariffs
04:59
,
Alisha Rahaman Sarkar
A conservative legal group has filed what it said was the first lawsuit seeking to block Donald Trump's tariffs on Chinese imports, saying the US president overstepped his authority.
New Civil Liberties Alliance filed the lawsuit in Florida's federal court, alleging that Mr Trump lacked the legal authority to impose the sweeping tariffs unveiled on Wednesday as well as duties authorised on 1 February under the International Emergency Economic Powers Act."
By invoking emergency power to impose an across-the-board tariff on imports from China that the statute does not authorize, president Trump has misused that power, usurped Congress's right to control tariffs, and upset the Constitution's separation of powers," senior litigation counsel Andrew Morris said in a statement.
The group filed the lawsuit on behalf of Simplified, a Florida-based retailer of home management products.
Trump on Wednesday announced that China would be hit with a 34 per cent tariff, on top of the 20 per cent he imposed earlier this year, bringing the total new levies to 54 per cent.
Trump tells UK to buy chlorinated chicken from US if it wants tariff relief
04:58
,
Athena Stavrou
Britain must allow US chlorine-washed chicken into UK markets if it wants relief from sweeping tariffs, Donald Trump has indicated.
In a statement published alongside the tariff announcement, the White House said: “The UK maintains non-science-based standards that severely restrict US exports of safe, high-quality beef and poultry products.”
It suggested that Britain’s ban on chlorinated chicken was among a range of “non-tariff barriers” that limit the US’s ability to trade.
The UK has long ruled out allowing imports of chlorine-washed chicken from the US due to health concerns, with Rachel Reeves in November reiterating her opposition to any concessions on the issue.
Republican pushes for congressional approval for new tariffs
04:38
,
Alisha Rahaman Sarkar
Republican US senator Chuck Grassley introduced a bill yesterday that would require congressional approval for new tariffs, the day after president Donald Trump unveiled sweeping new taxes on a vast array of imported goods.
Mr Grassley, whose home state of Iowa relies heavily on the global agricultural trade, joined Democratic senator Maria Cantwell of Washington for the "Trade Review Act of 2025".
The bill requires Congress to sign off on new tariffs within 60 days of their imposition or automatically block their enforcement.
The move, made the day after four other Senate Republicans voted for a measure that would lift Trump's tariffs on Canadian goods, was the latest sign of dissent among Republicans as Mr Trump's aggressive moves fanned recessionary fears and sparked Wall Street's worst day since 2022.
Neither Mr Grassley's bill nor the measure that passed the Senate on Wednesday were seen as likely to become law while Mr Trump's Republicans hold majorities in both the houses.
Asian stocks open in red for a second day
04:22
,
Alisha Rahaman Sarkar
Asian shares struggled to recover their heavy losses from the previous session as Japan's Nikkei fell 1.85 per cent this morning, extending its 2.8 per cent slide from yesterday.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.26 per cent in thin trade, with markets in China, Hong Kong and Taiwan closed for a holiday.
Overnight S&P 500 companies lost a combined $2.4 trillion in stock market value, their biggest one-day loss since the Covid-19 pandemic hit global markets on 16 March 2020, while other Wall Street indexes similarly clocked sharp falls.
Australia’s S&P/ASX 200 index fell to an eight-month low on Friday.
Will cheese prices soar?
02:59
,
Athena Stavrou
A collection of feta producers in Greece have already noted they’ll be severely impacted, with half their sales to America likely to disappear. "We have to divert these quantities to other markets,” said the head of Greece's association of dairy industries.
That could mean lower prices elsewhere to stoke demand, or trying to find new territories to sell into. But even the latter could see price rises as the wider economic impacts of recession risk and supply chain disruptions are felt.
The European Dairy Association has similarly criticised the move as “unjustified”.
Watch: Late Show host mocks Trump tariffs
01:41
,
Athena Stavrou
Cheese, wine and whiskey: How your shopping basket could be affected by Trump’s tariffs
Friday 4 April 2025 00:20
,
Athena Stavrou
Tariffs that will make exporting goods to America more costly could hit shopping baskets in the UK as producers around the globe look to recoup the extra costs.
Donald Trump‘s levies mean industries worldwide are scrambling to assess what the impact on them will be and there is no doubt that consumers in the US will see prices there rise as manufacturers pass on those costs to the buyer.
But that in turn means that many might opt out of paying higher prices, while businesses in America might cancel orders coming in from overseas to avoid paying those extra costs. That might mean raising prices elsewhere to reduce their losses.
Here’s what different industries have said in response and what impact that might have on UK prices:
Percy Pig's US adventure could be cut short
Thursday 3 April 2025 23:31
,
Athena Stavrou
Just days after Percy Pig began his US adventure, the iconic sweet may have to return home.
Percy was described as M&S’s “gift to America” when the confectionary hit Target shelves on March 30.
However, the chair of M&S Archie Norman told the Retail Technology Show on Wednesday that “we might have to change our minds” as Trump’s tariffs loomed.
Later on Wednesday, Trump confirmed his sweeping tariffs on imports.
Retaliation would be costly - Business leaders warn PM
Thursday 3 April 2025 23:14
,
Barney Davis
Business leaders warned Sir Keir Starmer from responding with even more tariffs saying they would only escalate the global trade war.
Rain Newton-Smith, director-general of the CBI, said that there would be no winners in a trade war. She said retaliation would “only add to supply chain disruption, slow down investment and stoke volatility”.
UK must follow Singapore model to thrive after tarrifs - Hunt
Thursday 3 April 2025 22:56
,
Barney Davis
Writing in the Telegraph, Jeremy Hunt urged Sir Keir to “resist the siren song of protectionism” and embrace Brexit freedoms to turn Britain into “Singapore-on-Thames”.
The former chancellor said retaliating to Trump’s tariffs could risk tipping Britain into recession.
Mr Hunt urged the Prime Minister to make Britain a low-tax nation that welcomed free trade and “could thrive at a time of global instability”.
List of US products that could be hit by retaliatory UK tariffs
Thursday 3 April 2025 22:44
,
Athena Stavrou
The list of US products which could be hit with tariffs if the UK decides to retaliate to Donald Trump’s measures include whiskey, motorcycles and jeans.
A lengthy list of possible targets for tariffs was produced alongside a consultation on whether to introduce retaliatory measures.
The consultation said: “We want to know what you think about the impacts that any future UK tariffs might have, if applied on US goods, in response to the US government’s recent tariff announcements.
“The information gathered will help the Government to assess the scope and impacts of any UK tariff measures that could be applied.”
US markets nosedive after tariffs
Thursday 3 April 2025 22:15
,
Barney Davis
The United States Dow Jones index has dropped 1,680 in its biggest fall since 2020, as fears of a fallout from President Donald Trump's tariffs shake the markets.
US treasury secretary warns countries against retaliation - ICYMI
Thursday 3 April 2025 22:00
US treasury secretary Scott Bessent has warned trading partners to not retaliate against Donald Trump's sweeping tariffs that could send the world economy into a tizzy.
"My advice to every country right now is, do not retaliate," Mr Bessent told Fox News after the tariffs were announced.
"Sit back, take it in, let's see how it goes. Because if you retaliate, there will be escalation," he warned.
Amid US tariff chaos, France convenes Mercosur meeting with EU partners
Thursday 3 April 2025 21:44
,
Barney Davis
France has held a meeting with 10 EU countries to discuss a possible trade deal with Latin America's Mercosur bloc to offset the impact of tariffs on European exports.
The office of Minister Delegate for Europe Benjamin Haddad said he had organised a video conference with other EU countries in which he defended the idea of including an automatic escape clause on agricultural products in the deal.
"In the current geopolitical context, all participants agree on how important it is to diversify trade partnerships," a spokesperson from Haddad's office told Reuters.
"However, they can't accept an unbalanced deal which does not protect their farmers," the official added.
Mexico president welcomes being left off Trump's new tariffs list
Thursday 3 April 2025 21:15
,
Barney Davis
President Claudia Sheinbaum of Mexico, the United States' top trading partner, on Thursday welcomed her country's exclusion from the list of nations targeted in Donald Trump's latest round of import tariffs.
Sheinbaum told reporters Mexico was spared thanks to her government's "good relationship" with the US administration.
She said she will publish decrees in May to strengthen local auto, steel and aluminium industries.
Watch: JD Vance boasts about ‘enthusiasm’ over ‘Liberation Day’ tariffs during softball Fox & Friends interview
Thursday 3 April 2025 21:02
,
Athena Stavrou
US FTC chairman warns against price fixing after Trump tariffs
Thursday 3 April 2025 20:45
,
Barney Davis
The Federal Trade Commission will be watching U.S. companies closely to ensure they do not use the Trump administration's tariffs on imports as an excuse to raise prices, FTC Chairman Andrew Ferguson said on Thursday.
"As we adjust to the new economic order, the FTC will be watching closely to make sure American companies are vigorously competing on prices. These necessary tariffs should not be interpreted as a green light for price fixing or any other unlawful behavior," Ferguson said on X.
Pictures from stock markets around the globe as world reacts to US tariffs
Thursday 3 April 2025 20:38
,
Athena Stavrou
Divided opinions on Trump's tariffs from both sides of the Atlantic
Thursday 3 April 2025 20:30
,
Barney Davis
Phil Blancato, chief market strategist, Osaic, New York said: "It's a bit of an over-reaction. We've somehow forgotten the strength of the U.S. Economy coming into this.
"This has a much bigger impact on the rest of the world than it does to the U.S. economy," he said.
"The consumer can absorb a bit of a shock here. Certainly (we'll see) a bit of a slowdown, but nothing nearly to the degree that the markets making it out to be."
"If we do get into a global trade war, then it's a very different discussion. Then we have a potential recession, significantly higher prices. We've got a stagflationary environment. Those are all very dangerous moments. I don't believe that's the case simply because the U.S. economy was strong going into this. We still have full employment. Other countries need us more than we need them."
"Doesn't mean we get a free lunch here. There are going to be one time price hikes on certain goods, not all goods."
Hugh Gimber, global market strategist at JP Morgan in London told a very different tale.
“The market reaction makes it very clear that last night's announcement was worse than expected."
“Coming into this year, there was this assumption that this administration would be brilliant for the U.S. economy and difficult for the rest of the world. It's increasingly evident this policy mix in the U.S. is more difficult for the U.S. itself...there is now ample opportunity to diversify globally and make sure that investors are not too exposed to this theme of U.S. exceptionalism which appears to have peaked."
Mapped: Countries hit by reciprocal tariffs
Thursday 3 April 2025 20:01
,
Athena Stavrou
Markets react to Trump's reciprocal tariffs
Thursday 3 April 2025 19:52
,
Barney Davis
World markets were left reeling on Thursday after US President Donald Trump unveiled reciprocal tariffs to match duties put on U.S. goods by other countries.
Stock markets tumbled and investors dashed to the relative safety of bonds, gold and the yen. The S&P 500 dropped more than 4 per cent, while the tech-heavy Nasdaq was down more than 5 per cent.
US Treasury yields slid, China's yuan dropped to a seven-week low, crude oil slumped and the dollar came under heavy selling pressure.
Starmer: We are in a new economic era
Thursday 3 April 2025 19:27
,
Athena Stavrou
Earlier, Sir Keir Starmer said the world has entered a new era, both in terms of defence and security, but also economically.
The prime minister said “we have to act and lead differently”, describing the response to Donald Trump’s tariffs as “not just a short term tactical exercise”.
“It is the beginning of a new era, we need to understand that, just as we have for defence and security, we have to understand the changing world when it comes to trade and the economy,” he added.
Italy PM says US tariffs a mistake, but no catastrophe
Thursday 3 April 2025 19:22
,
Barney Davis
Italian Prime Minister Giorgia Meloni said on Thursday that trade tariffs announced by the United States were a mistake but their impact should not be overestimated and the reaction needed to be carefully considered.
"We must not fuel alarmism, it's not a catastrophe," Meloni said in an interview on Italian state television station RAI.
"I'm not convinced that the best way to respond to tariffs is with other tariffs," she added.
Ask John Rentoul anything in Q&A on Trump’s tariffs, Brexit and more
Thursday 3 April 2025 18:59
,
Athena Stavrou
The Independent’s chief political commentator, John Rentoul, will be answering your questions in a live Q&A on Friday, 4 April, at 1pm BST.
With Donald Trump’s new tariffs affecting UK exports, Keir Starmer’s government faces critical decisions.
What does this mean for Britain’s economy and post-Brexit trade? How will it impact UK-US and UK-EU relations?
Thursday 3 April 2025 18:45
An iPhone could soon become much pricier, thanks to tariffs. President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit, analysts said on Thursday, with increases of 30 to 40 per cent if the company were to pass on the cost to consumers.
Most iPhones are still made in China, which was hit with a 54 per cent tariff. If those levies persist, Apple has a tough choice: absorb the extra expense or pass it on to customers.
Shares of the company were down more than 8 per cent in the wake of the tariff announcements, putting them on track for their worst day since September 2020.
Apple sells more than 220 million iPhones a year; its biggest markets include the United States, China and Europe.
A more expensive iPhone 16 Pro Max, with a 6.9-inch display and 1 terabyte of storage, which currently retails at $1,599, could cost nearly $2,300 if a 43 per cent increase were to pass to consumers.
Analysis: The truth about Trump’s tariffs and the ‘Brexit dividend’
Thursday 3 April 2025 18:28
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Athena Stavrou
Brexiteers claiming victory over Donald Trump’s tariffs seem to have forgotten about the economic harm leaving the EU has already done to the UK, as Political Editor David Maddox explains: