Government slashes import costs on essentials

Government slashes import costs on essentials In a move aimed at boosting economic growth and benefiting UK businesses and consumers, the government has temporarily suspended the UK Global Tariff on 89 everyday essential products, including spices and juices. This action is projected to save UK businesses at least £17 million annually through lower import costs. The products include plywood and plastics, which are essential for construction – making life easier for chippies all over the country. 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, the government said, resulting in 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. “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,” business and trade secretary Jonathan Reynolds said.