What happens with a no-deal Brexit?
Talks are continuing but it doesn’t look hopeful that the UK and Europe can strike a last-minute deal. If a deal is not reached the UK and Europe would default to world trade rules, but what are these?
“The EU would impose taxes (known as tariffs) on goods coming from the UK. The average is about 2.8% for non-agricultural products, but 10% for cars and more than 35% for dairy products.
With the UK also imposing tariffs on some EU goods – they could become more expensive. But the price of some things imported from the rest of the world could fall because their tariffs are being cut.” (source: https://www.bbc.co.uk/news/uk-politics-48511379)
Food standards without an agreement UK exports could be a problem, there could be long queues at border controls as there would be a need for more checks without a free trade agreement. According to some supermarket chains, there may be less choice of food as imports are more difficult, which will mean higher prices.
There are many more questions up in the air with regards to fishing rights, travel, medicine supply etc We will have to pray for a Christmas miracle and hope that a last-minute deal can be agreed by the 31st December.
Has your business been affected by the uncertainty around Brexit?
