Category: EUTrade

The Department for International Trade has launched an online public consultation on what tariff strategy will be best placed for UK businesses and its consumers once we have fully transitioned out of the EU.  

Brief synopsis…

A ‘UK Global Tariff Policy’ for imports into the UK will take effect after the UK leaves the European Union’s Common External Tariff at the end of the year. Its implementation will be necessary as the UK is currently still party to the EU’s tariff, which currently applies to imports into the EU, including the UK.

The UK Global Tariff will set out duty rates that will apply to goods entering the UK after the end of the transition period - currently scheduled to conclude on 31 December 2020. This will be the UK’s WTO tariff. As is currently the case, there will be exceptions to these rates, for example for goods qualifying for free-trade agreements the UK has negotiated, or where the UK has agreed to tariff-quota reductions.

The online consultation will be open for four weeks until 5 March 2020. The hope is that the new ‘UK Global Tariff’ will ensure UK businesses compete on fair terms with the rest of the world; whilst benefitting households through greater choice and lower prices. This is turn should then help to make it easier to trade, drive investment and deliver more quality jobs across the UK.

Sharing your views…

This online public consultation requires companies with an interest to take part and share your views as this will be integral to implementing what will be the UK’s WTO Tariff. It requires your thoughts on tailoring the tariff to suit the UK businesses, removing tariffs on key inputs to production which could reduce UK manufacturers costs, along with looking at removing tariffs where the UK has zero or limited domestic production.

Open until March 5 2020 we urge you to share your thoughts and feed into this consultation. Your support will help deliver not only an effective and fit for purpose outcome, but also an informed decision from the businesses it will affect the most.  If you feel you would like to talk any of the points raised in the consultation, or in general please do get in touch with the Economic Development team at invest@plymouth.gov.uk

Find out more about the new UK Global Tarrif Policy.

0 Comments

Comments

Nobody has commented on this post yet, why not send us your thoughts and be the first?