No NHS services will be cut to fund a zero-tariff deal with the US, the Health Secretary has insisted amid questions over how much it will cost the UK.

The deal keeps tariffs on imports of UK pharmaceuticals into the US at zero for three years in return for the NHS raising its threshold for spending on new medicines by 25%.

Downing Street has said the cost would start small and gradually increase to an estimated £1 billion by March 2029 as more new medicines are approved.

Mr Streeting echoed this, saying the cost was “highly variable” but rejecting a report it could cost £3 billion.

“I think we’re looking more like the order of magnitude of around £1 billion.

“And also … it really does depend on the level of medicine spend, the level of rebate and the level of investment we get in the

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