Here’s what you need to know:
UK Global Tariffs on 89 products have been suspended until 2027 – which could be good news for many including families and certain businesses
UK businesses and consumers could see prices drop on everyday essentials like spices and juices the Government has announced. The steps are being made to make the UK an attractive place for business and stimulate economic growth.
The government says the move is being made as a further demonstration of their commitment to free trade and responding to business needs. As a result, the UK Global Tariff will be temporarily suspended on 89 products.
The Department for Business and Trade says the move will save UK businesses at least £17 million a year.
Who is likely to benefit from the tariff suspensions?
The products on which tariffs will be suspended include plywood and plastics. This, the government says, will make life easier for carpenters all over the country.
Working in partnership with industry, the government has announced it will suspend import tariffs on a wide range of products to lower business costs. Tariffs will now be cut to zero until July 2027.
The government said 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, resulting in lower food prices in supermarkets, restaurants and pubs.
These products, including agave syrup often used in margarita cocktails and plant bulbs, will also see tariffs removed.
The government says the benefits will mean lower costs for cocktail makers and amateur gardeners as 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 Jonathan Reynolds 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 Rachel Reeves 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 will apply to goods entering the UK that do not qualify for preferential treatment under, for example, a free trade agreement.
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Published: 2025-04-13 11:29:26 | Author: [email protected] (Lee Grimsditch) | Source: MEN – News
Link: www.manchestereveningnews.co.uk
Tags: #Government #cuts #prices #everyday #items #including #spices #juices #pasta
