UK Government Says it Will ‘Maintain Level Playing Field' for British Business
UK Government Says it Will 'Maintain Level Playing Field' for British Business
The UK Government has said it will support businesses to trade freely, saying it was acting on practices such as the dumping of cheap goods into the UK.
It announced immediate action by the Trade Remedies Authority (TRA), the body responsible for defending the UK against certain unfair international trade practices.
Speaking in Washington D.C. at the annual IMF Springs meetings, Chancellor Rachel Reeves also announced her intention to review the customs treatment of Low Value Imports, which allows goods valued at £135 or less to be imported without paying customs duty.
Some of Britain's best-known retailers such as Next and Sainsburys, have called for amendments to the treatment, arguing that it disadvantages them by allowing international companies to undercut them.
Chancellor of the Exchequer, Rachel Reeves, said:
'The world has changed, and we are in a new era of global trade.
'We must stand up for free and open trade – crucial to deliver our Plan for Change to make everyone better off. We must help businesses keep their access to trade around the world.
'This government is meeting the moment to protect fair and open trade. Following recent announcements reducing tariffs and support for the zero-emissions vehicles industry, today's package will help businesses compete fairly with international exporters, supporting a world economy that provides stability and fairness for working people and businesses alike.'
As part of the Spring Statement tariffs were suspended on 89 foreign products – ranging from pasta, fruit juices and spices to plastics and gardening supplies – over the next two years.
Business and Trade Secretary Jonathan Reynolds said:
'This government won't stand idly by while cheap imports flood our markets and harm British industries. That is why I met with the TRA recently to agree urgent steps to tackle these issues in real time to deliver quicker protections for firms.
'This is about standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.'
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