The US has agreed to spare the UK from threatened trade tariffs on pharmaceutical products.

The announcement was made following months of uncertainty over whether exports from the UK, and elsewhere across Europe, would be subject to steep charges.

US Trade Representative Jamieson Greer said the US “will work to ensure that UK citizens have access to latest pharmaceutical breakthroughs”.

US President Donald Trump has long complained that Europe does not pay enough for US drugs.

Money latest: The earners most affected by £2k salary sacrifice cap

America and the UK agreed in May to seek a deal on the proviso that firms secured a better operating environment in Britain.

Criticism includes the concern that firms lose out on revenue due to a pricing regime which prioritises low costs for the NHS over incentives to invest.

In October, the science minister Patrick Vallance told MPs, as talks with the US continued, that many drugs available in the UK would see an “inevitable” price increase.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.