UK Prime Minister Keir Starmer is set to deliver a watershed speech on Monday, declaring that the era of globalisation, which gained momentum after the collapse of the Soviet Union in 1991, has effectively come to an end. His remarks are expected to signal a fundamental shift in Britain’s economic and geopolitical outlook, one that acknowledges the growing disillusionment among working-class voters and the changing nature of global power dynamics.
Starmer’s declaration comes at a time when former US President Donald Trump has reignited debates around economic nationalism, following his dramatic imposition of a 10 per cent “baseline” tariff on all imports into the United States. Trump’s move, framed as a response to what he described as unfair trade practices and foreign protectionism, has injected new uncertainty into global markets and prompted a series of retaliatory trade actions from countries like China and the European Union.
According to a detailed report in The Times, Starmer will acknowledge the failure of globalization to deliver on its promises for ordinary citizens, especially those in industrial regions left behind by deindustrialisation, automation, and offshoring. “Globalisation doesn’t work for a lot of working people,” he is expected to say. While he will distance himself from Trump’s confrontational trade policies, he will also accept the underlying premise that economic systems need to be recalibrated to serve national interests more effectively.
A senior official in the Starmer administration, speaking anonymously to the media, explained that while the UK government does not endorse protectionism in its most extreme form, it recognises the need to move beyond the outdated models of free-market globalism. “This is not about shutting ourselves off from the world, but about building resilience at home and ensuring that economic gains are shared more equally,” the official said.
Starmer’s remarks are also expected to touch on the importance of domestic supply chains, investment in local manufacturing, and educational reform aimed at preparing the workforce for the industries of the future. He will advocate for a model that blends open markets with strategic safeguards, ensuring that the country is not overly dependent on foreign powers for essential goods or services.
Echoing Starmer’s evolving stance, HSBC chairman Sir Mark Tucker added institutional weight to the argument, stating during the bank’s global investment summit in Hong Kong that globalisation may have peaked. Tucker warned of a future shaped not by seamless global integration, but by fragmented economic clusters—regional alliances that form around security, values, and technological collaboration, rather than purely market-based incentives.
Trump’s rhetoric has meanwhile intensified. Declaring April 2, 2025, as a symbolic turning point in US economic history, he framed his tariff policy as a moment of national rebirth. “April 2 will forever be remembered as the day American industry was reborn,” he said. He also directly addressed foreign leaders, saying: “To all of the foreign presidents, prime ministers, kings, queens, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs, I say, ‘Terminate your own tariffs, drop your barriers.’”
While the EU has taken a combative stance, responding with tariffs on select American products, the UK has opted for a more nuanced approach, managing to avoid further penalties and limiting its exposure to the 10 per cent baseline tariff. This has allowed Starmer some diplomatic room to present Britain as a bridge between open-market democracies and protectionist economies—a middle path between isolationism and overdependence.
The larger message from Downing Street appears to be clear: the post-Cold War global economic order is giving way to a new paradigm—one where national resilience, regional alliances, and equitable growth take precedence over unregulated market expansion. Starmer’s speech may well serve as the opening chapter in a new phase of British economic identity, shaped by pragmatism, cautious optimism, and a readiness to confront hard truths.
