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.”

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.