Notice: amp_is_available was called incorrectly. `amp_is_available()` (or `amp_is_request()`, formerly `is_amp_endpoint()`) was called too early and so it will not work properly. WordPress is currently doing the `pre_get_posts` hook. Calling this function before the `wp` action means it will not have access to `WP_Query` and the queried object to determine if it is an AMP response, thus neither the `amp_skip_post()` filter nor the AMP enabled toggle will be considered. It appears the theme with slug `publisher` is responsible; please contact the author. Please see Debugging in WordPress for more information. (This message was added in version 2.0.0.) in /home/runcloud/webapps/techilive/wp-includes/functions.php on line 5313
UK promises to boost competitiveness with tariff suspension scheme By Reuters - TechiLive.in

UK promises to boost competitiveness with tariff suspension scheme By Reuters

0


© Reuters. FILE PHOTO: Containers are stacked at the Port of Felixstowe, Britain, January 28, 2021. REUTERS/Peter Cziborra

LONDON (Reuters) – Britain wants to use its independent post-Brexit tariff regime to help make domestic manufacturers more internationally competitive, launching a scheme for firms to apply for a suspension of tariffs on their imported manufacturing inputs.

Tariff suspensions are used to help a huge range of sectors like agriculture, micro electronics and chemicals, by lowering the cost of importing raw materials or other inputs where they are scarce or unavailable locally.

The scheme replaces an equivalent European Union (EU) programme which applied to Britain before it left the bloc and was temporarily rolled over when that exit was completed at the end of 2020. Under the EU scheme, suspensions had to be assessed by all member states.

Loading...

“Now we have left the EU we can use suspensions to give UK firms the maximum possible benefit,” trade department minister Greg Hands said in a statement.

Unlike the EU scheme, tariff suspensions could also apply to finished products to meet a temporary need.

Under the new programme, decisions will be made based on the needs of British firms and the wider economy, the government said, subject to criteria due to be published on Thursday.

Loading...

These will include asking firms to prove they would have saved at least 10,000 pounds ($14,163) in duties if a suspension had applied in 2020.

Firms will be able to apply for a suspension from June 1 until July 31. Any granted requests will apply to all firms, not just the firm that requested it, from early 2022, and last until summer 2024, the trade department said.

The rolled-over EU suspensions last until the end of 2021, and apply to hundreds of inputs including car parts, frozen fish fillets and plastics.

Loading...
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Loading...

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

Loading...

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@techilive.in. The content will be deleted within 24 hours.

Loading...
Leave a comment