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New fund will help small firms with post-Brexit changes to trade rules

The Chancellor of the Duchy of Lancaster, Michael Gove, has announced a £20 million SME Brexit Support Fund to help small businesses come to terms with changes to trade rules with the EU.

New import controls will come into force from April and July, as set out in the Border Operating Model which can be found at https://www.gov.uk/government/publications/the-border-operating-model.

The fund will be administered through the pre-existing Customs Grant Scheme and will open for applications in March.

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), described the new fund as a welcome first step in dealing with some of the major issues that small businesses trading with the EU are facing.

“It is now crucial that the grants provide sufficient funds to make a real difference and the government should stand ready to increase their size if needed,” he went on.

The National Chairman of the Federation of Small Businesses (FSB), Mike Cherry, agreed that the new fund will make a significant difference as did Allie Rennison, Head of Trade Policy at the Institute of Directors (IoD).

She said: “Smaller firms simply cannot manage many of the processes themselves and require experts across a range of areas to assist with trade continuity, and we commend this Government for responding to our call.”

New import controls will come into force from April and July, as set out in the Border Operating Model which can be found at https://www.gov.uk/government/publications/the-border-operating-model.

The fund will be administered through the pre-existing Customs Grant Scheme and will open for applications in March.

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), described the new fund as a welcome first step in dealing with some of the major issues that small businesses trading with the EU are facing.

“It is now crucial that the grants provide sufficient funds to make a real difference and the government should stand ready to increase their size if needed,” he went on.

The National Chairman of the Federation of Small Businesses (FSB), Mike Cherry, agreed that the new fund will make a significant difference as did Allie Rennison, Head of Trade Policy at the Institute of Directors (IoD).

She said: “Smaller firms simply cannot manage many of the processes themselves and require experts across a range of areas to assist with trade continuity, and we commend this Government for responding to our call.”

New import controls will come into force from April and July, as set out in the Border Operating Model which can be found at https://www.gov.uk/government/publications/the-border-operating-model.

The fund will be administered through the pre-existing Customs Grant Scheme and will open for applications in March.

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), described the new fund as a welcome first step in dealing with some of the major issues that small businesses trading with the EU are facing.

“It is now crucial that the grants provide sufficient funds to make a real difference and the government should stand ready to increase their size if needed,” he went on.

The National Chairman of the Federation of Small Businesses (FSB), Mike Cherry, agreed that the new fund will make a significant difference as did Allie Rennison, Head of Trade Policy at the Institute of Directors (IoD).

She said: “Smaller firms simply cannot manage many of the processes themselves and require experts across a range of areas to assist with trade continuity, and we commend this Government for responding to our call.”

Traders will be able to apply for a grant of up to £2000 to pay for practical support as they adjust to new customs, rules of origin and VAT rules when trading with EU countries.

Those which trade only with the EU, and are therefore new to importing and exporting processes, will be encouraged to apply for grants to pay for practical support including training and professional advice.

“This new targeted funding will see small businesses get more of the practical support they need to adjust to the new processes and prepare for further changes as we implement our own import controls in April and July,” Mr Gove said.

New import controls will come into force from April and July, as set out in the Border Operating Model which can be found at https://www.gov.uk/government/publications/the-border-operating-model.

The fund will be administered through the pre-existing Customs Grant Scheme and will open for applications in March.

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), described the new fund as a welcome first step in dealing with some of the major issues that small businesses trading with the EU are facing.

“It is now crucial that the grants provide sufficient funds to make a real difference and the government should stand ready to increase their size if needed,” he went on.

The National Chairman of the Federation of Small Businesses (FSB), Mike Cherry, agreed that the new fund will make a significant difference as did Allie Rennison, Head of Trade Policy at the Institute of Directors (IoD).

She said: “Smaller firms simply cannot manage many of the processes themselves and require experts across a range of areas to assist with trade continuity, and we commend this Government for responding to our call.”

 

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