Press release: Trade rises on one year to go until Brexit milestone

  • exports rise faster than imports
  • trade deficit significantly narrows by £12.1 billion
  • overall, UK exports of goods and services have increased by 12.1% to £622.1 billion.

With one year to go until the UK’s departure from the European Union, new trade figures released (Thursday, 29 March) reveal exports of UK goods and services is at a record high.

UK exporters received a significant boost as the latest figures confirm global demand for UK goods and services is growing.

Data released from the Office for National Statistics shows in 2017, UK goods and services exports increased faster than imports – up 12.1% and 9.3%.

A drive in goods exports – up 13.4% – was due largely to demand for manufactured goods, and a rise in services exports – up 10.7% – was mainly driven for demand in UK business services. As a result the trade deficit narrowed significantly by £12.1 billion to £28.6 billion from £40.7 billion.

Non-EU countries continue to be the main destination for services exports (£171.4 billion), making up 61.3% of all services exports.

Overall, UK exports of goods and services have increased by 12.1% to £622.1 billion.

Annually, the UK’s current account deficit was £82.9 billion (4.1% of GDP) in 2017, a narrowing of £30.7 billion from a deficit of £113.6 billion in 2016; this is the narrowest deficit as a percentage of GDP since 2011 when it was 2.4%.

International Trade Secretary, Dr Liam Fox said:

More than one year on since the EU referendum, there are strong reasons for the UK to be optimistic. UK exports of goods and services have increased over the year and the UK deficit on trade in goods and services narrowed significantly.

It’s clear evidence that UK companies are succeeding on the world stage, and as an international economic department we are banging the drum for the growing demand for our goods and services.

The Department for International Trade

Statistics from the Department for International Trade (DIT) show that the UK attracted more foreign direct investment projects than ever before (year 2016 to 2017). With more than 2,200 projects recorded, the post-referendum figures show an increase of 2% on the previous year. This means more than 75,000 new jobs were created, and 32,600 safeguarded, amounting to over 2,000 jobs per week across the country.

Through great.gov.uk, the department gives UK businesses access to millions of pounds’ worth of potential overseas business. It also puts firms in touch with global buyers and since its launch it has promoted 11,400 export opportunities, and helped around 2.7 million users either begin or grow their exporting journeys.

Working to promote the UK to great trading nation, DIT has set up 14 working groups across 21 countries to strike trade deals and strengthen commercial ties with key trading partners.

Background

Read figures from the ONS Balance of Payments 29 March 2018.

Link: Press release: Trade rises on one year to go until Brexit milestone
Source: Gov Press Releases

The Finance Act 2009, Sections 101 and 102 and Schedules 55 and 56 (Soft Drinks Industry Levy) (Appointed Day) Order 2018

The Order appoints 6th April 2018 as the day on which the interest regime set out in sections 101 and 102 (including Schedules 53 and 54) of the Finance Act 2009 and the penalties regimes in Schedule 55 and 56 of that Act come into force in relation to soft drinks industry levy which is charged in accordance with Part 2 of the Finance Act 2017. The interest regime also comes into force on that day in relation to penalties assessed in relation to soft drinks industry levy.

Link: The Finance Act 2009, Sections 101 and 102 and Schedules 55 and 56 (Soft Drinks Industry Levy) (Appointed Day) Order 2018
Source: Legislation .gov.uk

News story: New requirements for farmers to improve environment for all

New rules are now in force which will protect the water environment and save farmers money.

The new rules, which came in to force on 2 April 2018, mean it is now mandatory for all farmers in England to maintain good practice to protect water quality and prevent water pollution incidents.

Collectively, farming related pollution incidents can harm wildlife in our rivers and seas. They also impact on our economy, resulting in higher bills from increased water treatment and affect our tourism and shellfish industry.
Many farmers have already made great progress in addressing pollution risks but the new rules will help tackle water pollution by ensuring all farmers take action.

The rules will:

  • promote good practice in managing fertilisers and manures;
  • encourage land managers to take reasonable precautions to prevent diffuse pollution from runoff or soil erosion;
  • require land managers to plan each application of manure or fertilisers, based on soil tests, to meet but not exceed crop and soil needs.

Our 25 Year Environment Plan set out how these new rules will require every farmer to identify and manage risks to water and start taking precautions to reduce ammonia emissions, reducing pollution and soil erosion and improving resource efficiency.

Environment Minister Therese Coffey said:

This is a really important opportunity for farmers to reduce pollution in watercourses. In following these rules, farmers will be able to help reduce pollution incidents, improve water quality and save money through more efficient use of resources.

The new rules are an important part of our 25 year plan for the environment which will help us deliver our plans for a Green Brexit and leave our environment in a better state than we inherited it.

The new farming rules have been drawn up with farming and environment representatives so that they are practical, risk based and will prevent and reduce agricultural pollution. They encourage the farmer to think about the risk of water pollution, how to keep valuable topsoil on their fields and to apply fertilisers only when it is appropriate to do so. Farmers and land managers will be able to determine what approach is best for their land, through methods such as deciding when it is safe to spread fertilisers.

The rules cover:

  • planning the use of manures and fertilisers to improve soil nutrient levels and meet crop needs;
  • storing organic manures and positioning livestock feeders away from water bodies;
  • applying manures or fertilisers to minimise impact on the water environment;
  • precautions to prevent soil erosion;
  • reducing livestock poaching.

Farming rules for water are part of a whole package of measures to help farmers and land managers look after the environment. The government is also investing £400 million through Countryside Stewardship which supports farmers in creating or restoring precious habitats and a £12 million farm ammonia reduction grant has incentivised farmers to tackle agricultural emissions.

Link: News story: New requirements for farmers to improve environment for all
Source: Environment Agency

The Finance Act 2017, Paragraph 3 of Schedule 11 (Appointed Day) Regulations 2018

The Regulations provide for 6th April 2018 as the appointed day to commence paragraph 3 of Schedule 11 to the Finance Act 2017 (c. 10). That paragraph amends paragraph 1 of Schedule 24 to the Finance Act 2007 (c. 11) to add soft drink industry levy to the list of taxes to which Schedule 24 imposes a penalty for careless or deliberate errors in returns.

Link: The Finance Act 2017, Paragraph 3 of Schedule 11 (Appointed Day) Regulations 2018
Source: Legislation .gov.uk

The Regulatory Reform (Fire Safety) (Custodial Premises) Subordinate Provisions Order 2018

This Order modifies article 25 of the Regulatory Reform (Fire Safety) Order 2005 (S.I.2005/1541) to provide that certain types of custodial premises now fall within sub-paragraph (e) of article 25(1) irrespective of whether they are owned or occupied by the Crown. The effect is that a fire inspector, or any person authorised by the Secretary of State for the purposes of the Order, is the enforcing authority in relation to those premises in accordance with article 25(1)(e).

Link: The Regulatory Reform (Fire Safety) (Custodial Premises) Subordinate Provisions Order 2018
Source: Legislation .gov.uk