Latest news with #Britishbusinesses
Yahoo
18-07-2025
- Business
- Yahoo
UK Loosens Trade Restrictions for Developing Apparel-Producing Nations
The government of the United Kingdom has launched new trade measures to benefit developing countries and forge stronger, beneficial trade relationships that it believes will amount to a 'boost for British consumers.' The package of new trade measures, which is part of an existing Developing Countries Trading Scheme (DCTS), aims to simplify the process of importing goods from other countries, which leaders say will help lower prices on necessities like clothing, food and electronics and support job growth in struggling economic markets. More from Sourcing Journal Trump Touts Trade Truce With Indonesia, Indicates India Might Not Be Far Behind Port of LA Sets June Record on 'Tariff Whipsaw'-But Signs Point to Fast Fade EU Leaders 'Prepare for War' Against Trump's Tariffs Updates to the platform include simplified rules of origin, which the government said in a statement would enable thousands of products from up to 65 countries like Nigeria, Sri Lanka, and the Philippines to enter the UK duty free, even when they contain materials and components sourced from across Asia and Africa. The update also ensures that important apparel-sourcing powerhouses like Bangladesh and Cambodia can still export clothing to the British market unencumbered by onerous duties. The announcement said that the changes will open up new commercial opportunities for British businesses to develop more resilient supply chains while investing in emerging sourcing locales. On Monday, ministers spoke with UK business leaders and global ambassadors at a joint Department for Business and Trade (DBT) and Foreign, Commonwealth and Development Office (FCDO) reception. 'The world is changing. Countries in the Global South want a different relationship with the UK as a trading partner and investor, not as a donor,' Minister for International Development Jenny Chapman said at the event. 'These new rules will make it easier for developing countries to trade more closely with the UK. This is good for their economies and for UK consumers and businesses.' Meanwhile, Douglas Alexander, the country's minister for trade policy, explained that 'No country has ever lifted itself out of poverty without trading with its neighbors.' 'Over recent decades trade has been an essential ingredient in lifting hundreds of millions of people out of poverty around the globe,' he added, saying that the scheme will allow some of the world's poorest countries important access to the UK consumer free from both quotas and tariffs. Since it launched in June 2023, the DCTS has created 16 billion pounds ($21.4 billion) in tariff savings. In addition to these changes, the UK government has committed to extending more targeted support to exporters in developing nations to help spur access and aid them in achieving standards compliance. It will also lift barriers related to the trade of services (including digital, legal and financial services) by bolstering trade agreements. Popular UK retailers like Marks & Spencer and Primark are expected to benefit from these changes. M&S director of sourcing Monique Leeuwenburgh expressed support for the evolution in trade policy and rules of origin for garments, saying, 'The ongoing collaboration between the government and retail industry has provided clarity and certainty for businesses in good time.' 'This change will enable us to maintain our long-standing and trusted relationships with our key partners in Bangladesh, to deliver the same great quality clothing and home products at great value for our customers,' she added. Eoin Tonge, interim CEO at Primark, also underscored support for the initiative. 'We welcome the changes to the DCTS rules of origin for garments which remove the potential cliff edge when a country graduates from Least Developed Country status,' he said. 'This will help us to maintain our existing supply chain strategy in our key sourcing markets in Asia, such as Bangladesh and Cambodia.' The UK Fashion and Textiles Association (UKFT) said the changes stand to benefit both the domestic fashion industry and impacted countries. Adam Mansell, the trade group's CEO, said the new rules 'demonstrate a genuine commitment from the government to modernize trade policy to support global economic growth.' Industry leaders from apparel sourcing countries also 'warmly welcome' the UK's shifting trade policies, according to Yohan Lawrence, secretary general of the Joint Apparel Association Forum (JAAF) in Sri Lanka. 'The new rules allowing greater regional sourcing for garments while retaining duty-free access to the UK are a game-changer,' he said. 'With the UK as our second-largest apparel market, this will boost exports, support livelihoods, and help us compete more fairly with global competitors.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
03-07-2025
- Business
- Reuters
UK firms trim year-ahead wage growth expectations, BoE survey shows
LONDON, July 3 (Reuters) - British businesses have trimmed their expectations for wage growth over the coming year, a Bank of England survey conducted in June showed on Thursday. Firms expected wage growth of 3.6%, down 0.1 percentage points on a three-month moving-average basis, according to the survey. It added that in June, 29% of British businesses expected sales to be lower in the year ahead due to U.S. trade policy changes, while 24% of firms expected that their capital expenditures would be lower.
Times
16-05-2025
- Business
- Times
Emma Bridgewater calls for Rachel Reeves to rethink tax rise
Emma Bridgewater has called on Rachel Reeves to rethink the increase in employers' national insurance contributions, warning that the tax rise would have 'a very, very, poor effect' on British businesses. Bridgewater, known as Britain's queen of pottery, told Times Radio that the 'huge extra contribution' required from firms as a result of the chancellor's budget in October made creating jobs 'significantly harder'. Operating out of Stoke-on-Trent as a proudly homegrown manufacturer, Bridgewater, 64, and her self-titled company gained notoriety for creating colourful ceramic homeware which has been praised by the King and the Princess of Wales and given by prime ministers to several US presidents. • In depth: can companies absorb the national insurance increase? She said she had not seen 'any' government 'lean
Telegraph
09-05-2025
- Business
- Telegraph
Nigel Farage threatens to betray our farmers
This Government will always act in the national interest to protect British businesses and jobs across the economy. Thousands of jobs have been saved by the groundbreaking deal with the US. As the Prime Minister said, it is fitting that we took this step to deepen our ties with America 80 years after VE Day. It's the second major trade announcement in a week – after the India Free Trade Agreement on Tuesday – this historic agreement with the US has cut tariffs for some of the UK's most vital industries. UK carmakers and steelworkers will all feel the benefit, as lower tariffs translate into lower costs. The deal we signed on Thursday will also protect British farmers and uphold our high animal welfare and environmental standards. This Labour Government will always act in the national interest to protect Britain's farmers and secure our food security. The Tories sold our farmers down the river with their dodgy trade deals. As the Secretary of State for Environment, Food and Rural Affairs, I have always been clear: no hormone-treated beef, no chlorinated chicken. As promised, these products remain illegal in the UK. That will not change. Chicken washed with chlorine Compare this approach to Nigel Farage who has threatened to betray our farmers, allowing chicken washed in chlorine and reared in the most appalling conditions to flood the UK market, which could put British producers out of business. But that isn't all. For the first time ever, this Government has secured exclusive access for UK beef farmers to the US market. That means there is a major opportunity to increase exports to the world's largest consumer market where our high-quality beef products are in demand. Only very few other countries enjoy this level of access. All this comes alongside the India trade deal, which is a major boost for our world-class food and drink industry with lamb, salmon, whisky and gin benefiting from lower tariffs. These deals are another step on the road to a more profitable farming sector. And our support for our farmers and growers is steadfast, with £5 billion being invested into sustainable food production, and a New Deal for farmers backing British produce in the public sector too. This Government has a Plan for Change that will growth the economy, and our trade deals show are we are delivering for Britain.
