”A review of this policy, which was designed to reduce the burden on low volume, low value imports, was already needed. With retailers seeing a rise in the number of potentially non-compliant products entering the UK market, it’s even more critical now.”
Chancellor Rachel Reeves says she is to take action to mitigate the impacts of practices such as potential future ‘dumping’ of cheap goods into the UK to help boost growth and deliver the oft-mentioned Plan for Change.
The government announced immediate action by the Trade Remedies Authority (TRA), the body responsible for defending the UK against certain unfair international trade practices.
The move is hoped to offer Increased support for businesses to report unfair practices, improved monitoring of trade data, and an acceleration of potential measures to deter import surges.
The Chancellor 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, including Sainsburys, have called to amend the treatment, arguing that it disadvantages them by allowing international companies to undercut them.
Speaking in Washington DC at the annual IMF Springs meetings yesterday (23 April), Reeves was clear that an open global economy is crucial for UK growth, the number one priority of the government’s Plan for Change.
She explained that free and open trade is good for the UK, but fairness needs to be injected into the global economic system. Gains from global economic growth have not been equally shared both at home and abroad, and more needs to be done to tackle the rise in non-market practices that harm working people’s incomes.
Speaking on the news, Reeves added: “The world has changed, and we’re 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.
“This support comes in addition to recent action taken by the government recently to support industry and businesses navigate tough global economic headwinds.
“As part of the Spring Statement tariffs were suspended on 89 foreign products – including pasta, fruit juices and spices – over the next two years.”
Business and Trade Secretary, Jonathan Reynolds, added: “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.”
Responding to the announcement today, Helen Dickinson, chief executive of the British Retail Consortium (BRC), said: ”The announcement is most welcome and shows that the Government has listened to the concerns and representations of retailers and the BRC, and that it’s prepared to take swift action to protect consumers from goods being dumped in the UK, many of which fail to meet UK environmental and ethical standards, as a result of global trade turmoil.
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