If a trade deal with the EU isn’t agreed, a tax on one in 10 European Union imports to the UK will be introduced
But if a trade deal with the EU isn’t agreed, a tax on one in 10 European Union imports to the UK will be introduced. And there’s a fear that these higher taxes could be passed onto consumers in the form of higher prices.
Helen Dickinson, chief executive of the British Retail Consortium adds that the introduction of tariffs will “push up costs and reduce the choice on the shelves we currently enjoy”.
The exact increases depends on the item and some tariffs only apply once a threshold on the amount imported has been reached.
A tax of 6.8 per cent plus 93.3 euros per 100 kilograms will then be charged.