Non-tariff barriers must be reduced to tackle unusually weak growth in global trade
What HMRC can do to prepare and optimise customs processes for all outcomes
The debate surrounding the United Kingdom leaving the European Union has focussed on negotiations between the parties. But there are many important actions that the UK government can take in preparation for leaving the EU customs union and pursuing an independent trade policy. These include looking at reducing tariffs, reforming agriculture and fisheries policy and exploring regulatory improvements.
The Chancellor made £3 billion available to departments for Brexit preparations in the November 2017 Budget. The Taxation (Cross-border Trade) Bill (“TCT Bill”), which will provide a legislative framework for the UK’s independent trade and customs arrangements, is progressing through Parliament.
The IEA International Trade and Competition Unit and customs and trade experts at ACITA have formulated recommendations focussed on customs processes for HMRC and the Department for Exiting the European Union, as they prepare for the United Kingdom leaving the EU. The actions highlighted below should be priorities for the spending and powers under the TCT Bill.