George Riddell, EY Director of Trade Strategy, comments on the Chancellor’s Budget:
“The UK government’s “Build Back Better” plan for recovery and growth, which was published as part of today’s Budget, includes a number of welcome announcements on taking forward the UK’s independent trade policy. These include:
Export strategy – a commitment from the government to formulate a new Export Strategy is much needed. The focus must be on supporting UK businesses to use the trading arrangements that the government has negotiated and maximising the various means of support that the government currently provides. The government should look to ensure that UK service providers are front and centre of this new export strategy.
Freeports – the confirmation of the locations of eight freeports is a positive development. The work now starts to ensure that their development and implementation is aligned with the country’s broader levelling-up agenda.
Looking beyond Free Trade Agreements – the government is right to state its commitment to looking beyond Free Trade Agreements, both through regulatory cooperation and tackling bilateral market access barriers with countries around the world.
Ensuring sustainability is mainstreamed across UK trade policy – ensuring that the UK’s trade policy supports the country’s Net Zero ambitions is crucial to its success.