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Majority of UK import tariffs set at zero in a no-deal Brexit

Majority of UK import tariffs set at zero in a no-deal Brexit

Business
By Ed Conway, economics editor Britain would slash tariffs on the vast majority of goods entering the country in a no-deal scenario, the government has confirmed.Ministers announced that 87% of all goods entering the country would face zero tariffs, with import taxes remaining for only 13% of incoming goods. Sky News reported last week that the scale of the tariff line reduction would be 80-90%. No-deal Brexit tariff cuts face criticism The plan, which would represent a significant liberalisation of UK trade barriers compared...
Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business
By John-Paul Ford Rojas, business reporter Business groups have urged MPs to avoid a no-deal Brexit after the prime minister suffered a further Commons defeat.The CBI called for politicians on all sides to "stop this circus" while the City of London Corporation said the country was now "staring down the precipice". Opponents of Theresa May's Brexit deal defeated it by 149 votes a day after she claimed victory as she hailed legally binding new changes to backstop arrangements with the European Union.The pound, which had initially rallied sharply following Mrs May's last-ditch Strasbourg talks, fell sharply on Tuesday as it became clear she had not done enough to secure a Commons victory.But it later partly recovered as speculation turned to the prospect of...
UK plans to slash up to 90% of tariffs if there is no-deal Brexit

UK plans to slash up to 90% of tariffs if there is no-deal Brexit

Business
By Ed Conway, economics editor The Government will slash Britain's trade tariffs to more than at any point in history if the UK leaves the European Union without a deal, Sky News has learnt.The Department for International Trade (DIT) intends to cut 80-90% of all tariffs imposed on goods imported into Britain, according to Whitehall sources. The cuts, which will be outlined in documents published if the prime minister fails to get parliamentary backing for her EU withdrawal bill next week, represent a bombshell for many manufacturers and farmers in the UK.Since tariffs are a charge on thousands of types of goods entering the country, they protect domestic producers from overseas competitors. Image: Theresa May&...
Brexit: Mark Carney warns of no-deal 'economic shock'

Brexit: Mark Carney warns of no-deal 'economic shock'

Business
Media playback is unsupported on your device Bank of England governor Mark Carney has urged MPs to solve the Brexit impasse in a speech warning of growing threats to the global economy. He said a no-deal Brexit would create an "economic shock" at a time when China's economy is slowing and trade tensions are rising."It is in the interests of everyone, arguably everywhere" that a Brexit solution is found, he said. The Bank has already cut its UK growth forecasts, partly due to Brexit issues. In a speech at the Barbican, in London, Mr Carney said trade tensions and Brexit are "manifestations of fundamental pressures to reorder globalisation", and that quitting the bloc could undermine global expansion."It is possible that new rules of the road wi...
Barclays prepares to trigger £166bn no-deal Brexit plan

Barclays prepares to trigger £166bn no-deal Brexit plan

Business
By John-Paul Ford Rojas, business reporter Barclays is preparing to pull the trigger on no-deal Brexit plans to shift assets worth £166bn (€190bn) to its Irish division as it "cannot wait any longer" amid continuing political uncertainty, a High Court judgment has revealed.The plans were drawn up by the bank in case of a no-deal scenario which would see UK financial services firms losing "passporting" rights that allow them to provide services across Europe. Details of the move were revealed in a judgment by Mr Justice Snowden that largely approved the "huge" transfer, which will apply to thousands of clients of the bank.It said: "Due to the continuing uncertainty over whether there might be a no-deal Brexit, the Barclays group has determined t...