#uk-economy

#uk-economy

If the UK's duty exemption for Low Value Imports is abolished, it would mean a pair of trainers costing £135 would be hit with the UK's full Customs duty for trainers, which is 16%. This could raise their final cost to the shopper to around £156 - a £21 increase.

For Nadine Maggi, founder of Sweet Freedom, the new charge is the final straw in what she describes as the toughest trading environment she has seen in 15 years.

If recession is next in a line of challenges for British Business, alongside a heavier tax burden and a decline in investor and lending confidence, we may be hurtling towards a new wave of business insolvencies.

"Last year, many regions across the UK experienced a significant number of business closures, reflecting broader economic challenges."

The United Kingdom, like France, is a great maritime nation. We are a nation that believes in open trade, and I regret the return to protectionism in the United States, something that we've not seen for nearly a century. As you know, we are consulting with business and industry.