The United Kingdom is rapidly advancing its plans to establish a new alternative to Mastercard and Visa due to rising fears that US President Donald Trump could undermine the global payment system. This apprehension stems from the belief that Trump might take action as a form of retaliation against European positions and Britain’s warming relations with Europe, especially following British Prime Minister Sir Keir Starmer’s recent remarks in Munich, indicating that Brexit has become a thing of the past.

In response to these concerns, the largest banks in the UK are preparing to launch a British platform to handle the approximately £50 billion in payments processed annually. This initiative, although in the works for some years, has gained urgency due to Trump’s potential impact on the financial landscape. The first meeting of major banks such as Barclays, Natwest, Lloyds, Santander, and Nationwide is scheduled to take place this Thursday to strategize the development of this alternative payment system.

This move could significantly reshape the UK’s financial ecosystem and diminish reliance on US companies like Mastercard and Visa for international transactions. The implications of such a shift not only affect economic transactions but also the broader geopolitical relationship between the US and the UK as tensions over trade and finance continue to evolve under Trump's leadership.