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UK publishes temporary tariff regime for no-deal Brexit

19
Mar '19
UK publishes temporary tariff regime for no-deal Brexit
The United Kingdom will avoid imposing tariffs on most imported goods in case of a no-deal Brexit, though UK officials said prices of key European Union (EU) products will rise. The UK Government claimed its ‘balanced approach’ aims to offset price rise in the event of a no-deal departure from EU as a result of the falling pound and higher import costs.

The UK Government also said any tariffs won’t apply to goods imported into Northern Ireland from Ireland.

According to the Temporary Tariff Regime published recently, 87 per cent of goods by value will be eligible for tariff-free access, compared with 80 per cent currently.

On textiles, the United Kingdom would apply 0.9 per cent, compared to the EU’s 8 per cent tariff. And footwear, on which the EU applies an 8.2 per cent tariff, would be tariff-free into the United Kingdom.

Expressing satisfaction that businesses now have some clarity about the tariff schedule they will face under a no-deal Brexit, the British Retail Consortium said it remains particularly concerned about tariffs on certain clothes and textiles, a good proportion of which consumers were getting tariff-free from countries like Italy and Turkey. (DS)

Fibre2Fashion News Desk – India


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