New rules and support will help over 160,000 exporters reach new markets and trade with confidence, according to the Government.
The words form part of new guidance designed to help businesses who trade internationally deal with Covid-19 disruption.
This could include markets restricting access to exports, as well as a higher risk of non-payment through insolvency and broken supply chains.
On the latter issue, the Department for International Trade (DIT) said: “If your supply chain has been affected by coronavirus (COVID-19), DIT can help you to find alternative suppliers. The department has relationships with a global network of businesses across the world and will be able to advise you on the options available.”
Likewise, UK Export Finance (UKEF) is making its export insurance scheme available to almost all major markets, including the EU, US, Japan, Australia, New Zealand, Canada, Iceland, Norway and Switzerland, “with immediate effect”. According to recent figures, exports from the UK to these markets totalled £499 billion in 2019, accounting for 74 per cent of all international sales from the UK.
The Government has also removed VAT and duties on several goods supplied to the NHS, including face masks, protective equipment and ventilators.
Commenting on the changes, International Trade Secretary, Liz Truss, said: “During this turbulent time, we are taking every step we can to ensure UK exporters are protected and that the economy remains strong. As part of this, the UK government has emailed 160,000 exporters and investors across the country to outline the support measures available to them.
“The government’s network of trade, policy and business specialists across the UK and around the world will continue to provide support where it is most needed, to ensure the country can continue trading during this difficult time.”
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