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UK AND EU TRADE: THE ECONOMIC IMPACT OF BREXIT

By Jenny Hooper, Jan 21, 2019, Category: General News

After the Brexit referendum, a slew of negotiations being discussed today either produce uncertainty or assurance to millions of businesses in the UK. There are a lot of economic implications, especially for the industrial trade, that compel SMEs to conduct risk assessments to ensure that they’ll operate legal, highly efficient business procedures in a post-Brexit world.

Depending on the type of Brexit deal we get the UK could lose access to the Single Market and Customs Union. Having access to these ensures frictionless trade, in not just avoiding tariffs but the invisible barriers as well such as avoiding origin checks, customs declarations and additional paperwork. If the UK fails to agree any deal with the EU then it will resort to trading under WTO rules with EU members states in the same way it does with other Non EU countries.

Under these rules, businesses that import and export with EU member states may have to put in place similar procedures to those already in place for Non EU imports and exports. Your customers and suppliers in the EU will also need to implement similar procedures on all goods consigned from and to the UK.

This will obviously have a knock on affect with the freight and logistics industry, under a no deal Brexit it is anticipated that there will be an additional 200 million customs declarations. We had hoped that by this stage we would have a much better understanding of what type of deal we will get and what this would mean in terms process and procedures after the 29 March 2018.

We would like to reassure all our customers that Independent Freight is ready for the worse outcome of a no deal Brexit and will be ready to advice and guide all our customers through any processes whatever the outcome.

Independent Freight Solutions Ltd is an HMRC Authorised Economic Operator (AEO) in both Customs and Security offering different cost-effective logistics management solutions. Our internationally recognised quality mark indicates that our role in the International Supply Chain is secure and that our customs controls and procedures are highly efficient, accurate and fully compliant. Contact us today on +44(0)2476 343037 or email us at jenny@independent-freight.com for more information about our services.