Amidst all the news about increased tariffs in the US, the UK government has announced a cut to zero in import tariffs on a range of 89 foreign products.
Plywood and plastics, as well as pasta, fruit juices, coconut oil, pine nuts, agave syrup and plant bulbs are all included. Construction, food and hospitality, and garden-related businesses could all benefit from reduced costs as a result.
The changes relate to goods where the UK Global Tariff applies, i.e. where the goods entering the UK don’t qualify for preferential treatment under, for example, a free trade agreement. The government anticipates that businesses will save at least £17 million because of these cuts.
The suspension to the import tariffs on these products will last until July 2027.
See: https://www.gov.uk/government/news/government-cuts-price-of-everyday-items-and-summer-essentials
New data from the Office for National Statistics suggests that UK businesses are continuing to slow down recruitment, with job vacancies falling by 63,000 between March and May.
From next year, Buy-Now, Pay-Later (BNPL) firms will need to work within a stricter regulatory framework. Following last year’s consultation, the government has now laid legislation before Parliament to bring BNPL under formal regulation, aiming to end what’s been called the “wild west” of unregulated borrowing.
