UK Chancellor Rachel Reeves is planning to attend a meeting of EU finance ministers before the year ends, as Labour seeks to enhance cooperation with the bloc on various economic policies. The arrangements for this meeting are still being finalized, but officials view it as an encouraging sign of the UK’s improving relations with the EU since Labour assumed office.
The anticipated meeting, scheduled for December 9 in Brussels, will focus on the Eurozone. Dialogue is expected to cover developments in the UK and the broader European economy, along with topics of mutual interest, such as the G7 agenda and EU financial support for Ukraine. However, discussions will not center on Labour’s attempts to revive UK-EU trade relations.
Historically, British chancellors participated in the pan-EU Ecofin group meetings until the UK’s departure from the EU in 2020. Senior non-EU officials occasionally join Eurogroup meetings, which occur monthly. For instance, last October, the Eurogroup held an “inclusive format” meeting that included all 27 EU ministers and US Treasury Secretary Janet Yellen.
Reeves’s meeting with EU finance ministers comes as Prime Minister Sir Keir Starmer prepares for talks with European Commission President Ursula von der Leyen, aiming to reset relations with Brussels. The dialogue between the UK and EU has been strained post-Brexit, often dominated by the contentious implementation of the UK’s exit deal.
In recent years, both sides have increased cooperation on security issues, including sanctions policy and support for Ukraine. Earlier this month, Reeves met with Paschal Donohoe, the Irish president of the Eurogroup, where he expressed hope that steps to rebuild trust between the UK and EU would develop into a more consistent partnership.
Brussels and London established an EU-UK financial regulatory forum last year, providing a platform for ongoing dialogue. Starmer has held discussions with several EU leaders, including German Chancellor Olaf Scholz and Italian Prime Minister Giorgia Meloni.
Despite these efforts, Labour faces challenges in demonstrating tangible benefits from its renewed engagement with the EU, especially given significant barriers to a deeper economic relationship. Financial services are not included in the post-Brexit free trade agreement, and the UK has consistently ruled out joining the EU single market or customs union.
A spokesperson for Donohoe stated that the Eurogroup is committed to fostering a “strong working relationship” moving forward, with concrete follow-up actions currently being considered. The UK Treasury emphasized that they will continue to engage with EU countries and the commission to improve trade and investment relationships to support businesses and grow the UK economy, but declined to provide specifics on the Chancellor’s schedule.
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