TAXES on all foreign goods could be slashed to zero under no deal Brexit plans being considered by ministers.
It sparked a furious backlash from British industry leaders who warned that the move would flood the country with cheap imports and “ruin” UK firms. And trade experts warned that it would make it harder for the UK to strike post-Brexit trade deals.
Huffington Post revealed that Trade Secretary Liam Fox told a private meeting with manufacturers that he could make a last-minute change to the Trade Bill currently going through Parliament that would allow him to use executive powers to eliminate tariffs on all foreign goods.
It would slash food prices for consumers under a no deal Brexit and help offset soaring inflation if the pound plummets.
International trade rules on tariffs mean all countries must be treated the same with tariffs – unless there is a trade deal in place.
The Government yesterday confirmed the drastic move was being considered and a final decision is expected later this week. But No10 insisted farmers and manufacturers would be protected under Britain’s new trading arrangements.
The Prime Minister’s spokesman said: “No decision has been taken on how we are leaving the EU. “We are currently considering all options for how to balance our interests effectively for no deal.
“We are currently considering all options for how to balance our interests effectively in the event of no-deal before making a final decision in the interests of UK industry and consumers,” he said.
“All the way through the process, we have been consulting with industry, including farmers.”
Industry leaders yesterday warned that slashing all tariffs to zero risked “wrecking” homegrown goods.
British Ceramic Confederation boss Laura Cohen warned:“We are deeply concerned about the possibility of the UK unilaterally removing import tariffs on our foreign competitors’ goods.
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“Liam Fox is concerned about the inflationary impact of Brexit, but this sort of fool hardy action in response could ruin British ceramic manufacturing by wrecking our home market. Moreover, it would massively weaken the UK’s hand in making free trade deals with other countries, including a lasting settlement with the EU.”
Trade expert David Henig, a former government official, also cautioned the move would harm Britain’s hopes of winning new trade deals across the world.
He said: “Unilateral tariff removal will make it harder for the UK to negotiate mutually beneficial trade agreements. With less to offer, particularly to agricultural exporters like Australia and New Zealand, we will also be in a weaker position to deliver our priorities.”
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News Photo Taxes on all foreign goods could be slashed to zero under No Deal Brexit plans being considered by ministers
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