Budget 2018 | UK-Dutch trade | British trade with ACP nations

Posted on 1/11/2018 by DHL Express

Budget 2018: Key takeaways for British SMEs and exporters

This week Chancellor Phillip Hammond presented the latest Budget to Parliament on 29 October. He announced a slight increase in growth forecasts, from 1.3 per cent to 1.6 per cent in 2019.

The Chancellor did not focus on Brexit in his speech, but the government is providing £500 million of additional funding for departments to prepare for Brexit for 2019-20. There were some positive announcements for businesses including a cut on business rates bills, support for high street rejuvenation and a boost in Annual Investment Allowance.

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UK-Dutch trade relationship

During the Dutch state visit a new set of commercial deals and agreements have been announced by UK and Dutch ministers. The deals will see closer collaboration in the FinTech, clean growth and digital sectors.

In 2017 the total UK-Netherlands trading relationship was valued at £85.8 billion – a 14.4 per cent year-on-year increase. The Netherlands is the UK’s third-largest trading partner and fourth-largest export market and, in the last year, Heineken – one of the UK’s largest investors – announced a further investment of £44 million, creating more than 1,000 new UK jobs.

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British trade with Africa, Caribbean and Pacific nations

Last week Trade Policy Minister George Hollingbery addressed representatives from the African, Caribbean and Pacific (ACP) group of states.

In the last decade trade between Britain and ACP countries has increased by a fifth and as the UK prepares to withdraw from the EU, non-EU trade will become even more important. The UK is working with the ACP group to support engagement and unilateral trade.

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