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The UK’s gross domestic product grew by 0.7% in the first quarter of 2025, according to the ONS (Picture: Amer Ghazzal/Shutterstock)

The UK’s economic outlook has been a little gloomy recently, with assessment after assessment …

The supermarket’s CEO explained the reasoning.

Last month was dubbed ‘Awful April’ thanks to bill increases.

Rates have been falling since August last year.

A massive new trade deal between the UK and India could bring an end to irritating spam texts from Indian senders, the government has said.

Prices on items like clothes, shoes and frozen prawns could also drop for British shoppers as a result of the new agreement.

Prime Minister Keir Starmer hailed it as a ‘landmark deal’ which will ‘grow the economy and deliver for British people and business’.

It represents the ‘biggest and most economically significant bilateral trade deal’ for the UK since Brexit, according to the Department of Business and Trade.

The department said the agreement included ‘new commitments’ to ‘help protect consumers from spam texts from India’, which could mean recipients are able to opt out or give prior consent.

India is the world’s most populous country, and among the world’s fastest-growing economies.

The country’s tariffs on whisky and gin from the UK will be slashed from 150% to 75% while the tariffs on cars will fall from more than 100% to 10%.

Cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate, and biscuits are among the other British products that will have their Indian tariffs cut.

The announcement comes after years of negotiations, which took on a new urgency when Donald Trump introduced broad tariffs on imports to the US from every country in the world in April.

The US President also brought in 25% tariffs on car imports, putting significant pressure on the UK’s automotive industry which deals heavily across the Atlantic.

While the lowering of vehicle tariffs in the India agreement may be welcomed by the sector, it is subject to a quota.

Business and Trade Secretary Jonathan Reynolds said: ‘This government’s number one mission is growing the economy as part of our Plan for Change so we can put more money in people’s pockets.

‘By striking a new trade deal with the fastest-growing economy in the world, we are delivering billions for the UK economy and wages every year and unlocking growth in every corner of the country, from advanced manufacturing in the North East to whisky distilleries in Scotland.

‘In times of global uncertainty, a pragmatic approach to global trade that provides businesses and consumers with stability is more important than ever.’

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A massive new trade deal between the UK and India could bring an end to irritating spam texts from Indian senders, the government has said.

Prices on items like clothes, shoes and frozen prawns could also drop for British shoppers as a result of the new agreement.

Prime Minister Keir Starmer hailed it as a ‘landmark deal’ which will ‘grow the economy and deliver for British people and business’.

It represents the ‘biggest and most economically significant bilateral trade deal’ for the UK since Brexit, according to the Department of Business and Trade.

The department said the agreement included ‘new commitments’ to ‘help protect consumers from spam texts from India’, which could mean recipients are able to opt out or give prior consent.

India is the world’s most populous country, and among the world’s fastest-growing economies.

The country’s tariffs on whisky and gin from the UK will be slashed from 150% to 75% while the tariffs on cars will fall from more than 100% to 10%.

Cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate, and biscuits are among the other British products that will have their Indian tariffs cut.

The announcement comes after years of negotiations, which took on a new urgency when Donald Trump introduced broad tariffs on imports to the US from every country in the world in April.

The US President also brought in 25% tariffs on car imports, putting significant pressure on the UK’s automotive industry which deals heavily across the Atlantic.

While the lowering of vehicle tariffs in the India agreement may be welcomed by the sector, it is subject to a quota.

Business and Trade Secretary Jonathan Reynolds said: ‘This government’s number one mission is growing the economy as part of our Plan for Change so we can put more money in people’s pockets.

‘By striking a new trade deal with the fastest-growing economy in the world, we are delivering billions for the UK economy and wages every year and unlocking growth in every corner of the country, from advanced manufacturing in the North East to whisky distilleries in Scotland.

‘In times of global uncertainty, a pragmatic approach to global trade that provides businesses and consumers with stability is more important than ever.’

Got a story? Get in touch with our news team by emailing us at webnews@metro.co.uk. Or you can submit your videos and pictures here.

For more stories like this, check our news page.

Follow Metro.co.uk on Twitter and Facebook for the latest news updates. You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.

It has resulted in 57 job losses.

‘There’s a real risk of prolonged disruption, particularly for vulnerable households.’

Rachel Reeves will face more pressure from high inflation and lower than expected growth, the IMF predicts.

‘You won’t believe the prices we give you,’ one Chinese TikToker said.

The blast furnaces can never be turned back on if they run out.

Gold has hit an all-time high surpassing levels seen during the Covid-19 pandemic and the beginning of Russia’s full-scale invasion of Ukraine.

The trigger? Not a confluence of factors, as it is generally, but one person – Donald Trump – and his full-blown trade war that has ended ‘the world as we know it’.

One product of this 21st century gold rush is a TikTok, that has racked up millions of views, of a man casually unloading a gold bar he purchased inCostco to sell.

‘Last year, I bought this one ounce (28 grams) gold bar for $2,359 (£1,805) from Costco,’ video creator Humphrey Yang explains. ‘Today I am going to sell it…’

He eventually manages to sell it for $2,955 (£2,258), profiting a whooping $596 (£450).

It is an example of the market right now as the precious metal surpassed £2,442 per ounce on Friday morning – its highest ever price.

This spike has also prompted discussions on Reddit’s r/investing forum, where people are debating whether gold’s rally is actually sustainable.

‘Is this the start of a larger trend?’ ‘What other alternative investments are there?’ ‘What is going to happen in the next few months?’ These are some of the questions users are anxiously asking.

Shift towards gold ‘well underway’

Richard Hunter, head of markets at Interactive Investor, told Metro the shift toward gold is already well underway.

‘The surge in popularity is already happening. The gold price is up by about 21%. That is just this year, and it is constantly testing new record highs,’ he said.

What is unusual this time is the influence of one person, the US president.

Hunter said: ‘There are so many factors at play, but at a high level, market crises are usually caused by a confluence of issues. This time, rather oddly, it is largely down to one person.

‘The “tariff trauma” we are seeing is escalating daily and it is triggering a backlash against the States.’

That uncertainty has reignited interest in traditional ‘safe havens’ like gold.

‘What investors have been doing is searching for haven alternatives where they hope they can ride out some of this storm,’ Hunter explained.

‘What we have seen in the currency markets is particular strength in Swiss franc and Japanese yen. And arguably, the ultimate haven asset is gold.

‘There has been, as we discussed, a real meaningful amount of investment flowing into gold.’

‘Almost guaranteed’ volatility in next 90 days

As for what is next, Hunter stressed he can ‘almost guarantee’ volatility for the next three months as Trump announced a 90-day pause on tariffs with the exception of China.

While the rest of the world has the period to negotiate another deal, China – the second largest economy – will have its tariffs increased to 125% from 104%.

This came after the country announced additionaltariffs against the US earlier Wednesday.

Hunter commented on this development: ‘When you have got the world’s two largest economies at loggerheads, it is going to show cracks in the system. And that is exactly what is happening.’

British shoppers flock to buy gold

It is not just investors pivoting toward ‘safe haven’ gold, British shoppers are as well.

Dan Rennie, director at jeweller Rennie & Co in London, told Metro that the demand for gold jewellery has spiked despite the price surge.

‘Ironically, with the price of gold going up, we are actually selling more of it, especially when it comes to wedding rings.’

‘Over the last decade or two, platinum dominated. But in the last year, we are definitely seeing a shift back to 18 karat yellow gold.

‘Whether it is a fashion trend or the perception of exclusivity, people are drawn to it.’

For jewellers like Rennie & Co, the cost of gold is becoming much harder to ignore.

Over the past year, Rennie said he has had to raise prices three or four times, not because of labour or other costs, but purely due to gold itself.

‘We last adjusted maybe a month or two ago, and even now we are starting to fall behind again. So I am sure at some point we will need to reassess.’

Gold has a long track record of surging during times of crisis, with people rushing to buy as trust in institutions wobbled.

Prices soared in the aftermath of 9/11 and during the 2008 financial crash, and hit previous record highs again during the pandemic.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.

It doesn’t seem like there will be any winners after the US essentially declared a trade war with the rest of the world – except, perhaps, for Donald Trump and his friends.

Stock markets around the world plunged to almost record low levels after tariffs went into effect following the US president’s so-called ‘Liberation Day’, which he promised would Make America Wealthy Again.

He may have since issued a 90-day freeze on introducing so-called reciprocal tariffs (for everyone except China, that is) but the introduction of those tariffs in the first place has caused volatility across the globe – except maybe for those who are already wealthy.

PM Keir Starmer has warned that Trump’s sweeping tariffs have ended the ‘world as we knew it’, insisting that ‘nobody wins from a trade war’.

But some UK cities will be hit harder than others, depending on where these industries are based.

Centre for Cities, a charity ‘dedicated to improving the economies of the UK’s largest cities and towns’, has revealed the impact of Trump’s tariffs on our cities.

Which UK city will be hit hardest by Trump’s tariffs?

Centre for Cities says: ‘The global tariff imposed by the United States looks set to significantly affect the UK economy.

‘Every corner of the UK will feel the economic impact, but the damage will not spread equally across places.

‘Places with more goods exports, to the US or in general, can expect stronger impacts. 

‘The US tariffs will affect all goods exports from the UK. So the share of US goods exports in all exports is a good way to measure the exposure of a city to the tariffs.’

According to shares of US goods exports in total exports by place-based units of analysis (PUA), the most exposed city is Coventry, where 22.1% of its total exports are estimated to go to the US.

This is followed by Derby (19.9%), Telford (13.3%), Worthing (15.3%) and Blackpool (13.3%).

London is one of the least impacted cities, with only about 3.2% of its exports heading to the US.

York is the least exposed city with about 2.7% of its exports heading to the United States, meaning it is about seven times less exposed than Coventry – with Edinburgh following shortly behind at 2.9%.

‘These cities will face less direct tariff impacts because their economies are more service-oriented, and their goods exports make up a small share of their export industries,’ Centre for Cities said.

The direct impact of impacts on different regions of the UK is also uneven, they said, with places outside London and the Greater South East region likely to be hit much harder.

Centre for Cities explained: ‘By both metrics, the West Midlands would be the most exposed area.

‘The region has a large machinery and transport sector, including car manufacturing. Wales would be the second most exposed area, though the impacts are more severe outside cities.

‘The greater south east, including London, is less exposed than the rest of the country since its economy depends more on services.

‘The greater south east is also more economically prosperous and productive than the rest of the country. So the tariffs could have a larger impact on struggling economies.’

The impact of Trump’s tariffs could therefore reinforce existing disparities across the UK’s economy, with areas outside the south east already generally being less productive.

‘As the government aims to “shelter British businesses” from the impacts of tariffs, the data shows that it will need to factor in geography as part of its response,’ the spokesperson added.

What UK goods are being hit by the tariffs?

Several UK industries will be hit unless the UK can negotiate a new trade deal, amid speculation the NHS could be on the table.

Pharmaceuticals, beer, steel and aluminium, and cars and the automotive industry are likely to be the worst impacted by Trump’s tariffs – and our mortgage rates could also be hit.

In response, the UK government suggested it could hit toilet paper, maracas, condoms, antique mosaics and 8,000 more products with import taxes if talks with the US don’t work out.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.

‘This is amateur hour and it needs to stop.’

The latest tariffs announced by the EU are responding to the taxes Trump placed on steel and aluminium imports to the US.

The US President has shown no signs of backing down on his tariff plans.