What happens if the UK leaves the Customs Union without a trade deal or transitional agreement? Bob Jones outlines the tariff implications for business, while KPMG in the UK's Head of Retail, Paul Martin, suggests how retailers should respond.
What will be the impact on business – and consumers – if the UK leaves the EU without a trade deal or transitional agreement in place? And what can retailers do to make sure they’re ready for World Trade Organization (WTO) tariffs?
In this article, Bob Jones, head of KPMG in the UK's Customs, Excise & International Trade team, answers key questions from the customs’ perspective; while Paul Martin, KPMG in the UK's Head of Retail, sets-out priorities for retailers.
Highlights from the report include:
You can find more information on customs tariff exposure and a more detailed Q&A with Bob Jones and Paul Martin here.
How much more would our weekly grocery shop cost if the UK ends up defaulting to WTO tariffs after Brexit? In our full Great British Breakfast infographic, Bob Jones and Paul Martin have done their sums to show the potential price increase of one of the nation’s favourite dishes - the Great British Breakfast.
Our infographic includes calculations such as:
You can download the entire Great British Breakfast infographic here.