This deal will mean zero-tariff trade for UK exporters with customers in New Zealand once the agreement enters into force early next year. It will also be easier for SMEs to access the New Zealand market as paperwork and red tape are reduced through modern provisions on digital trade.
This agreement is a great boost for trade in both goods and services with the growing Singapore market. It has the potential to set the standard and could be a beacon for other nations looking to establish these practices with the UK.
“Businesses in England will welcome the ambition of the Prime Minister that inches us closer to pre-pandemic trading conditions. However, for many firms, this move will not be without its challenges and Government must not pass public health decisions on to the business community, who are not public health experts."
New research carried out by the British Chambers of Commerce of more than 1,000 businesses has highlighted a host of issues with the UK’s trade deal with Europe. The BCC believes urgent steps should be taken to address these problems so the UK Government’s ambition to increase the number of firms exporting can be met.
The increase in payroll employment in January suggests that Omicron had little effect on the UK labour market as demand for workers remained robust. While it is encouraging that payroll employment is rising and unemployment continues to fall, the strong headline figures masks significant underlying challenges.
A late 2021 upswing in UK goods trade, particularly in chemicals exports to Ireland, does not hide the significant room for improvement in trade needed if the UK is to make the most of its recovery from the depths of the pandemic in 2020.
While UK GDP growth held steady in the fourth quarter, the resilient headline figure masks a loss of momentum in the quarter from a strong November outturn to a fall in output in December as Omicron suffocated activity.
BCC has warned the Treasury of an impending ‘cost of doing business crisis’. A new survey of more than 1,000 businesses, showed that firms across the country are under intense pressure from a variety of costs. It found that prices were likely to rise as a result, further fuelling the cost-of-living crisis for households.