The UK Global Tariff will be temporarily suspended on 89 products saving UK businesses up and down the country at least £17 million a year. Tariffs on a range of products will now be cut to zero until July 2027.
The savings to businesses on products such as pasta, fruit juices, coconut oil and pine nuts could be passed onto consumers just in time for the summer season, meaning lower food prices in supermarkets, restaurants and pubs.
Business and Trade Secretary Jonathan Reynolds said: “Free and open trade grows economies, lowers prices and helps businesses to sell to the world, which is why we’re cutting tariffs on a range of products. From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers.
“As we face a new era of global trade, this Government is going further faster to make Britain the best country to do business, delivering on our Plan for Change. These suspensions are just another example of that.”