Tamen Logo

Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

The Department for Business and Trade (DTI) has launched the Critical Imports and Supply Chains Strategy to safeguard the UK supplies of critical goods such as medicines, minerals and semiconductors. This should help importers counter the effects of the Red Sea disruption.

In their recent press release, the DTI said:

“Imports of critical goods for the NHS and UK manufacturing to be protected from global supply chain shocks, safeguarding business and consumers and boosting the economy.

  • New Critical Imports and Supply Chains Strategy forms key part of government work to back business and grow the economy, helping UK companies build strong and resilient supply chains for vital goods and avoid dependence on protectionist or coercive states.
  • Innovative research will be used to map the impacts of shocks on supply chains, such as those caused by the Covid pandemic and war in Ukraine and understand how the UK can secure the goods we need in future.

“UK supplies of critical goods such as medicines, minerals and semiconductors will be safeguarded, thanks to the Government’s new Critical Imports and Supply Chains Strategy launched today (Wednesday 17 January).

“The recent attacks in the Red Sea, one of the world’s most critical waterways, has threatened global trade. In response to increased geopolitical disruption, and the unprecedented challenges of recent years, like the Covid pandemic, Russia’s invasion of Ukraine and environmental disasters, the UK Government and businesses have boosted their ability to manage supply chain shocks. This strategy builds on this and will further equip UK businesses to deal with global supply chain problems and access the imports they need which are essential to the functioning of the UK.”

More than 100 top UK firms, including pharmaceutical and manufacturing leaders like The Association of the British Pharmaceutical Industry (ABPI), the Society of Motor Manufacturers and Traders (SMMT) and Green Lithium have contributed to the strategy to ensure it helps develop resilient and secure supply chains that protect both their business and the consumers who rely on them.

Minister for Industry and Economic Security Nusrat Ghani will launch the Strategy today during a visit to Heathrow Airport, the largest import hub in the UK which managed more than £86 billion of UK imports in 2022.

Share this post:

Looking for instant advice?

Our team are waiting to answer any question you may have via our live chat feature.

Socials

Contact our team

Call us on:

01204 391 505

Email us on:

mjs@tamenaccountants.co.uk

Related blog articles

18th Apr 24 | Updates/ News

New employment protections...

The following changes were enacted from 6 April 2024. These changes apply to England, Wales...

Read more

16th Apr 24 | Updates/ News

Opening up small company reporting...

Companies House are working on detailed changes that will require small and micro sized companies...

Read more

12th Apr 24 | Updates/ News

Boost for small businesses...

In a recent press release, HMRC underlined the benefits to smaller businesses from the increase...

Read more

Let us know your thoughts

Leave a Reply

Your email address will not be published.