Post-Brexit trade border controls to cost UK $6 billion
Post-Brexit trade border controls to cost UK $6 billion
The UK's public spending watchdog said government expenditures on implementing new rules for post-Brexit imports would total some $6 billion. The report criticized "uncertainty" surrounding government plans.
The UK's public spending watchdog said government expenditures on implementing new rules for post-Brexit imports would total some $6 billion. The report criticized "uncertainty" surrounding government plans.
Britain will spend at least 4.7 billion pounds ($6 billion, €5.5 billion) on implementing a new approach to import goods after exiting the EU customs market in 2020, the UK government's public spending watchdog said on Monday.
The UK voted to leave the European Union in 2016 but remained in the bloc's single market and customs union until 2021.
In 2021, the UK withdrew from the EU customs union and a new EU-UK Trade Cooperation Agreement (TCA) went into effect.
The European Parliament said in a report that the trading of goods between the parties had become "burdensome" since Brexit and trade volumes had shrunk.
One of the most epic face-plants of the 21st century and proof of how vulnerable democracy is to misinformation.
It’s just hilariously baffling how much of a self-own Brexit was. Like… genuinely, truly, gobsmackingly breathtaking levels of idiocy.
Even crazier is that people are still voting for the Torries.
Who knows, maybe defunding the NHS will make the British boomers kick the bucket sooner so you guys can get back in. But you are absolutely going to have to surrender the pound sterling. They’re not gonna let you be a currency snowflake if you want to be in the club again.
Yeah that's never EVER going to happen.
The City of London (not Greater London) would have a simultaneous heart attack, aneurism, and stroke.
And there's no way the "financial service" (read tax haven British overseas territories) companies that pushed for Brexit in the first place would accept to be open to European Central Bank scrutiny.
The pound weakens a lot, in response to financial crisis, and it hasn't been trending upwards in the long term; crisis is a crucial part of this economic system. I wonder if we could expect the pound to lose its usefulness to billionaires if it sinks below the dollar for good. Sounds doomy, but it could pave the way for an EU re-entry.
What a complete and utter shit show from the start. And all because of a successful con.
Where I am, there's an import tax on everything you order from the UK
But the post office has slapped their own €8 service charge on top of that
Literally everyone I know has stopped ordering stuff from UK companies
That's really gotta hurt an economy, big time
Yep.
There's dozens of UK companies that have essentially moved their operations to the EU to keep trading.
UK companies that are selling via country local distributors to businesses are doing ok.
But small time B2B and B2C is fucked.
Yup, we opened an office and warehouse in Germany for EU sale instead of shipping into our UK HQ warehouse and out to the EU. The costs of the new German branch are far less than the costs for shipping into our UK HQ and back out to the EU.
It's almost like conservatives are very bad at governing. Imagine how nice things could be for the UK right now if not for conservatives.
So much self-inflicted pain.
How much of that is the NHS getting now? /s
The EU needs to extend their reach so all the other sensible countries can join.