The UK government has announced no tariffs on most imports to the UK following a no-deal Brexit.
87% of imports would be tariff-free under a temporary scheme, excluding some that would be maintained to protect industries such as agriculture, car manufacturing and ceramics.
This is versus a current figure of around 80%.
Under the new scheme, 82% of imports from the EU would be tariff-free, a significant drop from the current 100%.
However, border duties would not be required for 92% of imports from non-EU countries, a huge increase from the current 56%.
Credit: Chris Lawton
The EU will likewise be applying tariffs to imports for selected industries. A tariff of 10.6% will be applied to cars, for example, though components such as engines will not be affected.
Trade policy minister George Hollingbery described it as “a modest liberalisation of tariffs” in order to avoid disruption and potential price spikes.
As ever, however, the Irish border remains a concern. The government has said that it will not introduce any new border or customs checks in the short term, so the temporary tariffs will not be applied to goods crossing from the Republic of Ireland into Northern Ireland.
The announcement follows a second rejection of Prime Minister Theresa May’s deal by the House of Commons on 12th March.
Conservative MPs will be voting this evening on whether to leave without a deal on the 29th March deadline.
Source: BBC News