Donald Trump has nominated billionaire investment banker Warren Stephens to be the next US Ambassador to the UK, just moments after Labour leader Sir Keir Starmer insisted Britain must not choose between its American and European allies.

The President-elect announced his selection on social media, hailing Stephens as "one of the most successful businessmen in the country."

Trump praised his nominee's business acumen and philanthropic work, describing Britain as "one of America's most cherished and beloved Allies".

In his Truth Social statement, Trump elaborated on Stephens' credentials: "Over the last 38 years, while serving as the President, Chairman, and CEO of his company, Stephens Inc., Warren has built a wonderful financial services firm, while selflessly giving back to his community as a philanthropist."

"Warren has always dreamed of serving the United States full time," Trump added.

The nomination comes as Trump prepares for his return to the White House, with the former president expressing confidence in Stephens' ability to serve as "the top Diplomat" to one of America's closest allies.

Stephens currently serves as chairman, president, and CEO of Stephens Inc., a privately owned financial services firm headquartered in Little Rock, Arkansas.

It comes as Sir Keir Starmer, speaking at the Lord Mayor's Banquet in London, firmly rejected suggestions that Britain must choose between its allies.

LATEST DEVELOPMENTS

Trump asks if Biden will now pardon the January 6 rioters after U-turning on son HunterLeftie landlords fuming over Trump's win plan Airbnb 'blackout' for presidential inaugurationNigel Farage slams Joe Biden for pardoning son during 'dying Democrat regime'

"I reject it utterly," the Labour leader declared at the event. "(Clement) Attlee did not choose between allies. (Winston) Churchill did not choose."

He revealed he had told Trump during their Trump Tower dinner that Britain "will invest more deeply than ever in this transatlantic bond".

The timing of Trump's announcement coincided with Sir Keir's broader foreign policy speech, where he emphasised the importance of supporting Ukraine. The Prime Minister said the UK must place Ukraine in "the strongest possible position for negotiations" to end the war with Russia.

His comments come amid concerns that a potential Trump return to the White House could impact American aid to Ukraine. Starmer also stressed his commitment to "rebuild our ties with Europe" whilst maintaining strong US relations, highlighting Britain's role as "a constant and responsible actor in turbulent times."

He also repeated his commitment to “rebuild our ties with Europe” and insisted he was right to try to build closer links with China.

“It is remarkable that until I met President Xi last month there had been no face-to-face meeting between British and Chinese leaders for six years,” the Prime Minister said.

“We can’t simply look the other way. We need to engage. To co-operate, to compete and to challenge on growth, on security concerns, on climate as well as addressing our differences in a full and frank way on issues like Hong Kong, human rights, and sanctions on our parliamentarians,” he added.