The British Chambers of Commerce (BCC) said on Wednesday that the UK government's alleged plans to cut tariffs on all imports to zero in the event of a no-deal Brexit would raise serious concerns among businesses across the United Kingdom, and warned of damage the move would cause to the country's economy
MOSCOW (Pakistan Point News / Sputnik - 06th February, 2019) The British Chambers of Commerce (BCC) said on Wednesday that the UK government's alleged plans to cut tariffs on all imports to zero in the event of a no-deal Brexit would raise serious concerns among businesses across the United Kingdom, and warned of damage the move would cause to the country's economy.The Huffpost website reported on Tuesday that UK Trade Secretary Liam Fox had raised the issue of cutting levies on imports at meetings with industry groups this week.
"Businesses across the UK will be deeply concerned by reports that ministers are considering setting UK import tariffs to zero in the case of no-deal. Ministers have not consulted with business on removing tariffs," BCC Director General Adam Marshall was quoted as saying in the statement.
He also stressed that the ministers showed no "clear understanding of the damage" that such decision would cause to the key sectors of the United Kingdom's economy, including agricultural and manufacturing companies across the country.
"A snap decision to move to zero tariffs speedily and unilaterally would harm domestic producers and exporters, and create a huge new source of extra uncertainty for business communities at an already difficult time. Some UK businesses would lose market share very quickly, and find themselves facing imminent threats to their survival," Marshall underlined.
The United Kingdom is scheduled to leave the European Union on March 29. While London and Brussels have agreed on a withdrawal deal, it has not yet been approved by UK lawmakers, which has prompted fears both in Brussels and in London of a no-deal Brexit.
