Brexit: British business leaders warn of 'substantial difficulties' at UK ports
January 29, 2021, 12:32 pm

Brexit: British business leaders warn of 'substantial difficulties' at UK ports

A Turkish driver drinks tea next to his truck at a freight clearance centre amid delays at Dover.

Letter says government needs to act quickly to resolve customs issues faced by exporters following Brexit

The leaders of Britain’s five largest business groups have warned the government that firms face “substantial difficulties” at UK ports since Brexit, with the prospect of a “significant loss of business” if the situation is allowed to continue.

Following a round table meeting on Thursday evening with Cabinet Office minister Michael Gove, a letter was issued by the CBI, the British Chambers of Commerce, the manufacturers’ group Make UK, the Federation of Small Businesses and the Institute of Directors.

The letter said the government needed to act quickly to overcome “the sizeable obstacles” faced by exporters.

With hold-ups at UK ports worsening and many lorries making return journeys empty following difficulties obtaining customs certificates, the business groups said ministers needed to act quickly.

The letter was published after Gove appeared to play down the significance of the difficulties faced by businesses struggling to overcome customs barriers, and what they described as a lack of coherent advice from government departments about new EU trading rules following Brexit.

Gove said after the meeting, which the business leaders believed was private, it is understood, that “some businesses are facing challenges with specific aspects of our new trading relationship with the EU”.

He added: “I want to let them know that we will pull out all the stops to help them adjust.”

The business groups said: “A range of problems were discussed, including the substantial difficulties faced by firms adapting to the new customs processes, sizeable obstacles to moving goods through the Dover-Calais route and the shortage of informed advice from both government and specialist advisers alongside a number of others.”

They warned that grace periods agreed with the EU would expire over the next two months at a time when cross-border traffic, which is usually low in January, was due to grow. Unless measures were put in place to smooth customs procedures, the situation would deteriorate, they said.

Last week it emerged that many small UK businesses are being told by advisers working for the Department for International Trade (DIT) to register subsidiaries within the EU single market, from where they can distribute their goods far more freely.

Officials were found to be advising firms that it was the best way to circumvent border issues and VAT problems that have been building up since 1 January.

A separate report has found that the majority of lorries travelling from the UK to the EU via Calais and Dunkirk are empty, suggesting that the situation at the border has worsened since the UK agreed a trade deal with the EU.

According to figures obtained by ITV from the Prefecture Hauts-de-France et du Nord for the week ending 24 January, an average of 3,400 lorries a day travelled from the Port of Dover and Eurotunnel to Northern France. Of these, 65% were empty.

The data also shows that heavy goods vehicle traffic in both directions across the Channel was down 30% on normal flows.

There were also delays for lorry drivers at the French border after it was found that only one in 10 export health certificates – which are required for consignments of food, including for meat and fish – were correctly completed.

source: Phillip Inman

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.