Food retailers and suppliers could lose $12.2 billion as a result of new tariffs if Britain leaves the EU without a deal, according to a study from Barclays, reports Reuters. Food and drink entering the U.K. from the EU would be subject to an average tariff of 27 percent. Among the highest levies facing the sector are frozen beef, which would have a duty of nearly 300 percent, while orange juice would have a tariff of 180 percent.
In 2017, the U.K. imported $62.6 billion worth of food and drink, or approximately 40 percent of the total British market, according to the banking firm. Seventy-one percent of these imports were from the EU and were not subject to tariffs, according to the report. Full Story
Related: Cadbury Stashes Chocolate Ahead of Brexit; Brexit May Mean British Berries Go Unpicked.
from Industry Operations https://ift.tt/2R38I06
No comments: