LONDON (Reuters) - Britain on Thursday suspended import duties on more than 100 items, including car parts and fruit juice, until June 2026, responding to industry demand as ministers seek to help domestic firms keep a lid on costs.
The government said it would implement 126 new tariff suspensions on goods which aren't produced in sufficient quantities in Britain. It also said 11 other existing suspensions would be extended.
Minister for Trade Policy Greg Hands said the move was in response to the needs of business after the government had considered 245 applications for duty suspensions.
"From automotives to food and drink, we're helping businesses to reduce import costs and remain competitive," Hands said in a statement to Reuters.
Analysis by specialist credit insurance firm Allianz (ETR:ALVG) Trade said the removal of tariffs on the goods would reduce inflation by 0.6 percentage points, and cut import costs by close to 7 billion pounds ($8.8 billion) in nominal terms.
The suspension scheme operates under the World Trade Organization's (WTO) Most Favored Nation status, meaning the removal of tariffs applies equally regardless of where the good is coming from.
The government said its assessment took into account whether a good was covered under any existing Free Trade Agreement and the interests of consumers.
Other products to have their import duties removed include some chemicals, metals, flowers and leather.
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