Rolling coverage of the latest economic and financial news

• Rachel Reeves accused of balancing books on back of UK’s poorest
• Donald Trump announces new 25% tariffs on cars from overseas

Britain’s car sector is calling for more government support, after reporting another fall in output.

UK car and commercial vehicle production declined by 11.6% in February, to 82,178 units, according to new data from the Society of Motor Manufacturers and Traders (SMMT).

“These are worrying times for UK vehicle makers with car production falling for 12 months in a row, rising trade tensions and weak demand.

The market transition is not keeping pace with ambition and, while the industry can deliver growth – and green growth at that – it needs policies to deliver that reality. It was disappointing, therefore, to hear a Spring Statement that did nothing to alleviate the pressure on manufacturers and, moreover, confirms the introduction next month of additional fiscal measures which will actually dissuade consumers from investing.

Tariff concerns returned to the market with Trump imposing 25% tariffs on Auto imports and suggesting reciprocal tariffs to come.

Comments from trading partners overnight suggest potential counter tariffs will be likely. Tech stocks were under pressure on reports that China would use energy efficiency rules to limit use of high-end imported chips.