Brexit: How exposed is your business to WTO tariffs? | KPMG | UK

Brexit: How exposed is your business to WTO tariffs?

Brexit: How exposed is your business to WTO tariffs?

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.

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Director and Brexit Customs & Indirect Tax Lead

KPMG in the UK

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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: 

  • The impact of WTO rules on import and export duties 
  • Food and drink products likely to be particularly hard hit
  • What importers should being doing right now 
  • Where the opportunities lie; and 
  • Five tips to help retailers be ready

You can find more information on customs tariff exposure and a more detailed Q&A with Bob Jones and Paul Martin here. 

The Great British Breakfast

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: 

  • The key ingredients of a fry-up could cost 12% more under WTO rules
  • Orange juice and olive oil could see the biggest increase in customs tariffs; and 
  • Most retailers underestimate the impact of WTO tariffs

You can download the entire Great British Breakfast infographic here. 

 

You can download the entire Great British Breakfast infographic here. 

 

You can download the entire Great British Breakfast infographic here. 

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