UK may cut trade tariffs if it leaves EU without deal
MPs are set to hold key votes next week on the terms of Brexit, the outcome of which could determine whether the UK has greater flexibility to set its own trade tariffs, BBC reported.
A second “meaningful vote” on the Brexit agreement negotiated by Prime Minister Theresa May is due to take place on Tuesday.
However, if no agreement can be reached, and the UK ultimately leaves the European Union on 29 March with no deal in place, reports last week suggested the UK government might cut trade tariffs on between 80% and 90% of goods, with some tariffs being scrapped completely.
Business Secretary Greg Clark told the BBC that new tariff schedules would be published only after next week’s vote on Mrs May’s Brexit agreement, if it became clear the UK would be leaving the EU without a deal.
He said the changes would have “big implications” for some sectors.
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