Trade

This topic focusses on how the UK trades with both the EU and the rest of the world has and could fundamentally change. For example:

• New barriers to trading with other countries which businesses, to date, have not encountered before along with less barriers in other areas.

• Duties on goods arising with countries where they had previously been eliminated.

• New administrative requirements that businesses must complete in order to import goods into other countries from the UK, such as calculating the value of goods and proving the origin of the goods. Import rules and regulations can vary by country so it is important they are understood.

• Delays to the movement of components into and out of the UK which may require changes to logistics flows or a requirement to hold more inventory.

• Should the UK have an independent trade policy the classification of tariff assigned to goods may alter.

• Bilateral trade of certain products might become subject to import and export licences.

It is vitally important business understand what these implications might mean for their operations and plan accordingly.