UK businesses and consumers could benefit from lower prices on
imports of everyday essentials like spices and juices as the
Government takes further action to make the UK the best place to
do business and kickstart economic growth.
In a further demonstration of the government's commitment to free
trade and responding to business need, the UK Global Tariff will
be temporarily suspended on 89 products saving UK businesses up
and down the country at least £17 million a year.
The products include plywood and plastics, which are essential
for construction – making life easier for chippies all over the
country.
Working in partnership with industry, the government has decided
to suspend import tariffs on a whole range of products to lower
costs for businesses, tariffs will now be cut to zero until July
2027.
The savings to businesses on products such as pasta, fruit
juices, coconut oil and pine nuts could be passed onto consumers
just in time for the summer season, meaning lower food prices in
supermarkets, restaurants and pubs.
Products including agave syrup, often used in margaritas, and
plant bulbs will also see tariffs removed meaning keen
cocktail-makers and amateur gardeners could enjoy lowered costs
as the warmer weather approaches.
These changes will support key growth sectors such as advanced
manufacturing and clean energy to compete with international
rivals, supporting the Government's Industrial Strategy with the
Plan for Change.
Business and Trade Secretary said:
Free and open trade grows economies, lowers prices and helps
businesses to sell to the world, which is why we're cutting
tariffs on a range of products.
From food to furniture, this will reduce the cost of everyday
items for businesses, with savings hopefully passed onto
consumers.
As we face a new era of global trade, this government is going
further faster to make Britain the best country to do business,
delivering on our Plan for Change. These suspensions are just
another example of that.
Chancellor of the Exchequer
said:
In a changing world we know families are anxious about the cost
of living, and businesses uncertain about their future. That's
why we've announced lower prices on imports of everyday
essentials - helping businesses to thrive and pass on savings to
customers.
Through our Plan for Change we're supporting British business and
putting more money in people's pockets.
The UK Global Tariff applies to goods entering the UK that do not
qualify for preferential treatment under, for example, a free
trade agreement.
Businesses across the UK apply for temporary suspensions on a
regular basis by providing evidence of the benefits to
themselves, their sector and the wider economy.
CBI Europe and International Director Sean
McGuire:
In the face of an uncertain and unpredictable global trading
environment, government should be commended for suspending import
duties on an array of products. Measures like these will be
important for reducing the financial pressures on firms and help
to drive growth for businesses of all sizes across the country.
The UK has already reduced tariffs on certain imported goods,
benefitting British consumers with better choice, quality and
prices on products like fruit juices from Peru and vacuum
cleaners from Malaysia.
The Government is going further and faster in negotiating trade
deals with partners including India, the Gulf Cooperation
Council, South Korea and Switzerland which will unlock new
opportunities for businesses, support jobs, and boost
wages.
These measures come as the government acts swiftly to protect UK
businesses and workers in a new era of global trade, through
increasing flexibility on the zero emission vehicle (ZEV)
mandate, cutting the red tape and bureaucracy that slows down
clinical trials in the life sciences sector, investing up to £600
million in a new Health Data Research Service and backing a £30
million package to support the reopening of Doncaster Sheffield
Airport which is expected to support 5,000 jobs and boost the
economy by £5 billion.
