Most UK tariffs set to zero in no deal Brexit scenario
The government has announced this morning that the majority of UK imports would be eligible for free tariff access in a no deal Brexit scenario.
Under a temporary regime, 87% of total imports to the UK by value would be set for zero-tariff entry. Currently, 80% of UK imports are tariff-free.
UK tariffs would still apply to 13% of goods imported to the country. This includes a mixture of tariff and quotas on beef, lamb, pork, poultry and some dairy to support farmers and producers who have historically been protected through high EU tariffs.
The UK tariffs temporary rates checklist
The UK Trade Tariff tool, which checks commodity codes, duty and VAT rates would be updated with the temporary rates of customs duty on imports after EU exit. The temporary UK tariffs would come into effect at 11 pm on 29th of March 2019 and will be in place for up to 12 months in the UK were to leave the EU without an agreement. To find out what these rates would be ahead of the tool being updated:
3. Find out whether a preferential tariff rate, MFN tariff rate or tariff quota rate applies by searching for the good using the commodity code.
Logistics industry response
“The crucial information released by Government today on tariffs applying to imports into the UK on day one in the event of a no deal Brexit is, frankly, long overdue. This is critical information for importers, who have been kept in the dark for too long in spite of repeated requests for transparency.The list of origin countries that will benefit from preferential access is also revealing in itself. With only 13 working days left until the UK’s scheduled departure from the EU, it is deeply concerning to get confirmation at this late stage that only a minority of EU trade agreements will have been rolled over. This not only represents an additional cost for importers, but is bad news for exporters too as it will limit access to preferential trade deals too. MPs should bear that in mind when asked to consider a no deal exit later today.”
– Pauline Bastidon, head of global & European policy, FTA
While the retail industry is mulling over a 1,477-page document ‘The Tariff of The United Kingdom,’ the new plan provides clarity on how the country will continue trading in the event of a no deal Brexit.
so the world will not end.
I had my doubts it would but some politicians keep trying to convince us otherwise.
Ohh no Mark-it`s still gonna end but now you know what you might be paying when it does…..
We shall see!