BA welcomes bicycle parts tariff suspension announcement in Autumn Statement

Announcement boosts competitiveness of UK cycle manufacturing, economic contribution and green jobs

The BA was pleased to note this announcement in the Government’s Autumn Statement:

Tariff suspensions – Following applications from business stakeholders, this measure will remove tariffs on over 100 goods for two years to help put downward pressure on costs for UK producers. The measure will remove tariffs as high as 18% on goods ranging from aluminium frames used by UK bicycle manufacturers to ingredients used by UK food producers.

From the Autumn Statement “Policy Decisions”

The official guidance on tariff (duty) suspensions has now been updated with a list of the specific cycle parts (for use in the manufacture of bicycles) to which these suspensions apply (SUS 137 to SUS 151 in the list).

Duty suspensions are granted to encourage domestic (UK) assembly and manufacture, by eliminating tariffs on component parts which are not readily available from domestic suppliers.

As with all trade and technical matters, the BA will be providing detailed guidance to its member companies to best enable them to take advantage of these newly announced measures.