This week’s major event was the resignation of UK prime minister Sir Keir Starmer. While the Labour Party chooses his replacement, the future of the UK-EU reset remains uncertain – at least until the next PM enters Downing Street.
Away from politics and policy, the Chartered Institute celebrated both the International Trade Awards 2026 winners and Armed Forces Day.
Big picture: The UK faces a new political and trading future following the resignation of Sir Keir Starmer.
The current assumption is that Makerfield MP and former Greater Manchester mayor, Andy Burnham, will enter Downing Street to replace Starmer. So far, most of Burnham’s obvious challengers have instead endorsed him, as have a number of key figures such as chancellor Rachel Reeves, EU relations minister Nick Thomas-Symonds and deputy PM David Lammy.
Burnham has indicated that he is at least somewhat in favour of rebuilding European relations. During the by-election campaign, he said he didn’t want to ‘re-litigate’ the arguments of Brexit but confirmed that he would like to rejoin the EU in the future.
The future of the EU-UK reset remains uncertain. The EU has ‘postponed’ the leadership summit planned for 22 July until later in the year, only a week after the date was announced. The next PM, be it Burnham or another Labour figure, has a busy in-tray on trade policy.
Along with the leadership summit, the EU’s Made in Europe plan, the next stage of US President Donald Trump’s tariffs, the emissions trading agreement and a possible UK-South Korea trade deal are just some of the items that the next PM has to deal with.
Good week/bad week: It’s been a good week for the Chartered Institute’s award winners! The winners of the 2026 International Trade Awards were announced this week in a House of Lords’ ceremony, as trade minister Chris Byrant and Chartered Institute of Export & International Trade director general Marco Forgione paid tribute to the excellence and inspiration of the winners and the nominees.
The awards reception was attended by shortlisted entrants, judges and invited senior dignitaries from British industry, including Bryant and Lord Khan of Burnley.
The seven awards winners were:
- Abu Dhabi Customs - TradeChain – winner in the Border Innovation category
- Trade Harmonizer – Excellence in Customs
- The Village Bakery Wrexham – Food & Drink Trader of the Year
- John Pipe International – Manufacturing - Trade Impact
- VHR – MSME-Business of the Year
- Jane Cullen, Jointine Products (Lincoln) – Rising Talent in Trade
- HMM (Europe) – Sustainable Trade
It’s been a bad week for shippers after news that the Strait of Hormuz might not be as safe as first thought. Despite initial hopes that shipping levels were returning to normal, the UK Maritime Trade Observatory reported that a cargo vessel was hit by a projectile off the coast of Oman.
The International Maritime Organization (IMO) paused its evacuation plan following the attack, with IMO secretary general Arsenio Dominguez saying that the “vessel did not transit under IMO’s evacuation framework.” Prior to this attack, oil prices had fallen to their lowest since before the war.
How’s Stat? The UK’s flash Purchasing Manager’s Index (PMI) hit a 49.4 in June, slumping to a 14-month low and posting below 50 for the second time in a row. Any score below a 50 indicates an economic contraction.
Quote of the Week: “Having served myself and worked in the defence sector for many years, I recognise that leaving the Armed Forces is a big step. But you have a range of highly valued skills that businesses and the country value.”
Terry Scuoler CBE, Chartered Institute chairman, paying tribute to the men and women in the military on Armed Forces Day (27 June).
Week in customs: The UK announced that it was consulting on its own version of the EU Deforestation Regulation (EUDR), while also confirming that the EUDR would apply to Northern Ireland.
The government also announced a series of changes in its 2026 Tax Update. This includes an announcement that the UK’s measures against low-value imports will be brought forward by six months to October 2028, a consultation on digitalisation opportunities, plans for mandatory registration for customs intermediaries and a new framework for voluntary disclosures of customs errors by the end of the year.
Finally, the UK has also reduced tweaked its planned new tariff regime, due to come into effect 1 July, with a lowering of the quota reduction and a removal of 11 products from the regime.
The week in export controls: The Department for Business and Trade (DBT) has published an Open General Export Licence (OEGL) for the export of dual-use items, allowing the export of certain dual-use goods to EU member states, British overseas territories and various other nations like the US, Japan and Australia.
What else we covered: In Customs Corner, Anna Doherty, Chartered Institute customs practice director, talks traders through changes to customs systems, how to prepare for the UK-India free trade deal and the latest intelligence on the Carbon Border Adjustment Mechanism.
True facts: Today, Norway and France play each other in the World Cup. Despite the potential clash between superstars like Mbappe and Haaland, the two nations enjoy a relatively strong relationship.
Despite heavy investment in nuclear power, France still relies on significant amounts of Norwegian gas (amounting to as much as 40% of its total supply). In 2024, Norway exported US$6.72bn worth of gas to France – worth 62% of its total trade with the country.
A recently as last month, the two countries signed an agreement on mutual defence and nuclear protection. Under the terms of the Navrik Agreement, named after an alliance formed during the second world war when both nations were occupied by Germany, they also commit to cooperation on support for Ukraine and industrial defence.
