Financial experts have issued a stark warning about potential Labour government plans to reduce the £20,000 Cash ISA limit, labelling such changes as "terrible." Chartered financial planners have voiced concerns that slashing Cash ISA allowances won't necessarily encourage savers to invest in markets instead.

British finance minister Rachel Reeves, facing a weak economy, trimmed her spending plans in a budget update on Wednesday that gave some reassurance to investors, but the risks of a global trade war could put tax hikes back on the table later this year.

Shona Robison spoke out after the UK Chancellor last week announced nearly £5 billion in benefit cuts by the end of the decade.

Donald Trump's proposed global tariffs could wipe more than £30billion from Britain's GDP in a blow to Rachel Reeves economic plan, the Office for Budget Responsibility has warned. The Budget watchdog's latest report indicates that escalating trade disputes could reduce UK GDP by a peak of one per cent.

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Britain's government will not rush into action to counter any import tariffs announced later on Wednesday by U.S. President Donald Trump because it does not want to risk undermining a possible trade deal with Washington,

Chancellor Rachel Reeves has asserted the Labour Government does not want to "escalate" the looming trade war between the UK and the United States. Yesterday, President Donald Trump announced a 25 per cent tariff on all motor vehicles imported to the United States,