The U.K. is considering temporarily removing tariffs on all imports in the event of a no-deal Brexit, reports The Independent. The international trade secretary believes failing to slash duties would send retail prices soaring and hit U.K. producers who depend on supplies from the EU. However, the Labour Party claims the move would trigger "serious job losses in key industries," including farming, while the National Farmers' Union said the impact would be "absolutely savage."
Meanwhile, about 145,000 U.K.-based companies will be able to retain so-called Transitional Simplified Procedures beginning Feb. 7, reports The Wall Street Journal. The new procedures would allow importers to provide a full customs declaration only after their goods have crossed the U.K. border, and would give them up to one month after the import to pay duties via direct debit. Full Story, Full Story (WSJ Subscription Required)
Related: British Businesses Plan to Relocate Because of Brexit; Meat Producers, Confectioners Worry About Brexit.
from Foodservice http://bit.ly/2Gaqlcd
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