New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result.
With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson’s Brexit deal could add 10% to import costs over the first year.
Read the full article on The Guardian website
NAM Implications:
- Adding 10% to import costs will cause some importers and their customers to ask if it’s worth the trouble…
- …and where possible, an added incentive to buy British.
- But on a deeper level, UK consumers may come to conclude that Brexit is more about sovereignty…
- …than being part of a trading bloc, EU or otherwise…
