Today’s announcement that Britain will be leaving the EU is a shock and at the very least, surprise to many. It will have huge implications for the country, its people and its business community.
Leave campaigners claimed that import costs will be significantly reduced (by as much as 8%) as we move to being a zero tariff regime. Possible. However, import costs are equally likely to rise or stay the same. Much of our imports come from the EU and these are unlikely to change. It’s unlikely that the UK will immediately move away from the international agreements that the EU has. It’s also likely that the administration of imports (everything from VAT to duty deferment) will become much more complex. Read full article here