Date: 14/03/2019
By: AlbertDax
Subject: Most imports tariff-free under no-deal plan 724
The government has announced that most imports into the UK would not attract a tariff in the event of a no-deal Brexit.
Under a temporary scheme 87% of imports by value would be eligible for zero-tariff access.
At the moment 80% of imports are tariff free.
Tariffs would be maintained to protect some industries, including agriculture. Beef, lamb, poultry and some dairy products would receive protection.
What are tariffs and how do they work?
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A tariff is a tax applied to goods that are traded on international markets.
In the great majority of cases, tariffs are applied to imported goods by the country importing them. But there can also be tariffs on exported goods.
How would the new system work?
The new tariff regime would mark a shift in favour of products from non-EU countries.
