COVID-19 related guidance and support 

We are continuing to work in full operational mode to support UK businesses. Please find below a list of UK COVID-19 related resources. Please reach out to us if you need assistance.

You can also read this article ‘A guide to support for transatlantic businesses affected by COVID-19’ written by HM Trade Commissioner Antony Phillipson here.

UK Resources

Newly Released Information

• Loan scheme for small businesses now open: The Bounce Back Loan Scheme opened for applications on 4 May. Small businesses can apply for a loan of up to £50,000, with the UK Government guaranteeing 100% of the loan to private lenders. On 2 May, the Government also announced that £617 million would be made available to local authorities in England to support small businesses that do not qualify for the Government’s COVID-19 loan schemes. In addition, the Future Fund will provide UK Government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. These convertible loans may be a suitable option for businesses that typically rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
• Recovery Strategy: On 11 May, the Government published its COVID-19 recovery strategy, which sets out the phases and conditions to restart the UK economy, as well as a public Q&A and guidance on how to work safely during the pandemic.

• Job Retention Scheme: HM Treasury has announced that the Coronavirus Job Retention Scheme (CJRS), which allows employees to claim 80% of their salary up to £2,500 per month, will be extended by four months through 31 October 2020. The Self-Employment Income Support Scheme also opened for applications on 14 May. Those eligible will be able to claim 80% of their income up to £7,500 over a three-month period.

• Trade Credit Insurance guarantee: HM Treasury has announced that the Government will temporarily guarantee businesses-to-business transactions supported by Trade Credit Insurance. Please review the press release for more information.
• UK border announcement: The Home Secretary announced that from 8 June 2020, those arriving into the UK will be required to self-isolate for 14 days and to provide their contact and travel information. These measures will contribute to keeping the overall number of transmissions in the UK as low as possible and will be reviewed every three weeks. A list of exemptions to the requirement to self-isolate will be published on GOV.UK.

• DIT’s business support webinars: DIT are hosting a series of free webinars for businesses providing advice on trading internationally during the COVID-19 pandemic. You can find recordings of previous webinars here.

Previously Released Information

• Financial support for businesses during COVID-19
• Guidance for employees, employers and businesses
• Support for UK businesses trading internationally
• Sign-up for GOV.UK COVID-19 alerts

UK-US Trade Negotiations

The UK’s International Trade Secretary, Liz Truss, and the US Trade Representative, Robert Lighthizer, launched negotiations towards a UK-US Free Trade Agreement on 5 May. This follows the publication of the UK’s negotiating objectives on 2 March.

Around 200 negotiators from the UK and the US held the first round of negotiations by video conference between 5-15 May. Both sides recognised the unprecedented circumstances in which these negotiations took place, with significant emphasis placed on supporting the post-COVID economic recovery.

There are significant potential benefits to businesses and consumers on both sides of the Atlantic from a UK-US Free Trade Agreement.  The UK and the US are already each other’s biggest investors, creating high-skilled jobs and stimulating growth in our respective economies. UK Government analysis shows that a US trade deal could lead to a £15 / $19 billion increase in trade that would benefit both the UK and the US, including individual states. A UK-US FTA will also aim to secure comprehensive, far-reaching and mutually beneficial tariff reductions.

Both sides are hopeful that negotiations for a comprehensive trade agreement can proceed at an accelerated pace and we have agreed that a second virtual round will take place in the weeks of 15 and 22 June.  In advance of that, the negotiating teams will continue their work and meet virtually on a rolling basis.

Please find details on the outcomes of the first round in a statement by Liz Truss here.

You can watch HM Trade Commissioner Antony Phillipson on CNN’s Quest Means Business discuss the launch of the negotiations amid COVID-19 and how the UK aims to navigate Brexit as well as read his piece on LinkedIn.

UK Global Tariff Announcement – Simpler, Lower, Greener

On 19 May, the UK Government announced the UK’s new tariff schedule, the UK Global Tariff (UKGT). This will replace the EU’s Common External Tariff (CET) at the end of the transition period on 1 January 2021. It is the first time in almost 50 years that the UK has created its own tariff policy. This new tariff regime is simpler and easier to use than the EU’s regime and will reduce administrative costs on exports, including from the US to the UK. It also reduces or eliminates tariffs on a range of climate-friendly products.

To see how tariffs on individual goods will change next year, click here. More information on the UKGT can be found here.