By John Smith • 19 May 2020 • 13:02
THE British Government has revealed details of its post Brexit import tariff scheme which it says will protect farmers and the car industry but make many other items tariff free.
Currently, the UK follows the European Union’s external tariff system but this will all change after Brexit with some £30 billion (€33 billion) reduction in import duties making imports for industry cheaper and easier to arrange.
According to the Department for International Trade the new rates will give protection to farming, fisheries and automobiles but will see genuine reductions on many imported items.
International Trade Secretary Liz Truss said “Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands of everyday products.”
Items to have a zero-import duty include sanitary products, cocoa, dishwashers, padlocks and Christmas trees and in fact any product with a 2 per cent duty or less will drop to zero.
No mention is made of how the loss of duty will be replaced and as this new tariff regime is due to be introduced on January 1, 2021, there is a clear indication that no deadline extension for leaving the EU is likely to be requested.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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