The British government have announced a new post- Brexit international trading tariff regime, that it says will see duties slashed on around £62 billion worth of imports, while at the same time protecting tariffs on some key industries.
Under this new regime, a whole host of household appliances and foods are set to be cheaper for Brit’s. As well as this Britons will have more choice, from across the world this new post-Brexit tariff regime unveiled by the Government. The items that will be tariff-free include but are not limited to, dishwashers, freezers and even Christmas trees, while cooking products such as cocoa and baking powder will also be tariff-free.
This new regime looks set to be called the UK Global Tariff (UKGT) and will also see tariffs protected for industries such as agriculture, automotive and fishing. The regime attempts to simplify tariffs, currently the UK sees thousands of tariff variations on products which include more than 13,000 tariff variations on products including biscuits, waffles, pizzas, quiches, confectionery and spreads.
The ‘UK Global Tariff’ will replace the European Union’s external tariff January 1, which links with the end of the transition period, and will see 60% of trade come in tariff-free under the plan. The International Trade Secretary Liz Truss has said: “Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands of everyday products. With this straightforward approach, we are backing UK industry and helping businesses overcome the unprecedented economic challenges posed by coronavirus.”
This tariff schedule will apply to all countries that the UK does not have a free trade agreement with. Given that talks between the UK and EU have made little progress so far and the government seem insistent on not extending the transition period, this new tariff regime could be the future for the bulk of British trade.
[give_form id=”1772″ show_title=”false” show_goal=”false” show_content=”below” display_style=”modal”]
Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
[sibwp_form id=4]
