A new training and support package designed specifically to help small and medium-sized firms manage changes to trade rules with the EU has launched.
The Institute of Export & International Trade has unveiled its SME Brexit Support Package to help firms prepare for new customs, rules of origin and VAT rules when trading with the EU.
The package involves a one-day inhouse training course covering core elements of UK-EU trade and customs procedures followed by a bespoke action plan for the business taking part.
Meanwhile, in a volatile week for currencies with the ongoing worldwide Covid-19 pandemic, major central banks held interest rates in a boost for the pound and international trade.
In America, the Federal Open Market Committee (FOMC) meeting saw the Federal Reserve (FED) keep US interest rates on hold last week in a positive development for global markets.
The Bank of England (BOE) also held interest rates and announced it would not change its stimulus programme.
The Fed said it expects higher growth in the near future but at the same time doesn’t see the need to hike interest rates.
The US economy is now projected to grow by 6.5 per cent in 2021, up from the 4.2 per cent forecast issued three months ago.
Higher growth will come at the cost of higher inflation, but the Fed feels a transitory increase above two per cent will not justify a rate hike.
Both US and UK central banks are working on an ‘outcome-based’ scenario and will not act until data shows that inflation is notably higher.
With both the US and UK effectively talking their currencies down and amid news of higher infection levels in Europe, with the possibility of an EU export ban slowing the UK’s vaccine rollout, the pound fell on Friday and finished the week at $1.38.
Compared to other currencies, the pound was steady against the euro, spending most of the week trading between €1.16 and €1.17.
Markets will be watching out for any updates this week about a possible ban on the export of vaccines to the UK from Europe.
The euro was down against the dollar last week, due to Europe’s ongoing issues rolling out its vaccine programme and following strong US retail sales data adding pressure.
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