The UK government has announced the temporary suspension of tariffs on 89 everyday products, including essential items like pasta, spices, and fruit juices. The move, effective until 2027, aims to reduce costs for businesses and consumers, fostering economic growth and enhancing the country’s competitive edge in global trade.
This policy is part of the government’s broader efforts to stimulate the economy and support key sectors. By cutting import duties, the government intends to lower the price of popular products, benefiting families and certain businesses. Industry experts believe this is a strategic move to position the UK as an attractive place to do business in the post-Brexit landscape.
Lowering Business Costs and Supporting Key Industries
According to the Department for Business and Trade, the suspension of tariffs will help businesses across the UK save approximately £17 million annually. Products such as plywood, plastics, and coconut oil are among the 89 items impacted by this policy. This reduction in import costs is expected to support industries ranging from construction to food manufacturing.
For instance, carpenters will benefit from the removal of tariffs on plywood, which is used in construction and furniture making. Similarly, businesses in the hospitality sector, including restaurants and pubs, stand to gain from cheaper imported goods like fruit juices, pasta, and pine nuts, which are used in popular food and drink offerings.
A Boost for Consumers Ahead of Summer
The suspension of tariffs on everyday goods could also lead to lower prices for consumers, especially for food and drink. As the summer season approaches, items like agave syrup, commonly used in cocktails, and plant bulbs, essential for amateur gardeners, will become more affordable.
The government has emphasised that these savings are likely to be passed on to consumers, contributing to a reduction in food prices at supermarkets, cafes, and other retail outlets. Business and Trade Secretary Jonathan Reynolds highlighted the importance of the policy in promoting free and open trade.
He stated that it would help UK businesses lower costs, increase competitiveness, and ultimately benefit the consumer. The policy aligns with the government’s Industrial Strategy and is part of the wider Plan for Change, which seeks to promote economic growth, innovation, and the UK’s global trading position.
