On the 80th anniversary of VE Day, the alliance between Britain and America is once again in the spotlight. Sir Keir Starmer has struck a trade deal with Donald Trump – not a phrase many people would have seen coming this time last year – turning the chaos of April’s “Liberation Day” tariffs into a golden opportunity for the United Kingdom.

Donald Trump and Keir Starmer celebrated their “historic” trade deal yesterday, promising it was a “great” agreement for both the US and the UK. The Labour government has been trying to get a deal with the White House for months.

Ben Caswell, Neisr’s senior economist, said: “Whilst the new trade deal with the US constitutes a political win for the Government, the direct impacts on UK GDP are likely to be very small, given we export just £9 billion worth of cars to the US each year and the vast majority of goods won’t benefit from this tariff relief announcement.”