Brief by Shorts91 Newsdesk / 03:25pm on 06 May 2025,Tuesday Business
The UK and India have signed a major Free Trade Agreement that will help both economies grow. The deal removes or reduces import taxes (tariffs) on 90% of UK products sold to India. This includes big British exports like Scotch whisky, beauty products, medical devices, and cars. For example, whisky tariffs will fall from 150% to 40% over 10 years, creating more jobs and boosting exports by up to £1 billion. British-made medical and cosmetic products will become cheaper in India, helping small businesses grow. Car tariffs will also drop sharply. The deal is expected to add £4.8 billion to the UK economy and increase wages by £2.2 billion every year. Prime Minister Keir Starmer said, “This landmark deal with India will grow the economy and deliver for British people and businesses. It’s a win for workers, exporters, and consumers.” It’s the UK’s biggest trade deal since Brexit. (PC: Sky News)
