The Government has announced the UK’s new MFN tariff regime, the UK Global Tariff (UKGT), which will replace the EU’s Common External Tariff on 1 January 2021 at the end of the Transition Period.
This new Global Tariff is being tailored to meet the needs of UK businesses and consumers. It will facilitate the import of goods from overseas. It uses a lower tariff that the EU’s Common External Tariff (EU CET) and will be in pounds (£), not euros. It also claims that it will scrap red tape and other unnecessary barriers to trade, reduce cost pressures and increase choice for consumers and back UK industries to compete on the global stage.
The British Chambers of Commerce commenting on the publication of the UK Global Tariff that will apply to imported goods from 1 January 2021, BCC director general Adam Marshall said:
“The publication of the UK Global Tariff provides welcome clarity for businesses as they prepare for life outside of the EU.
“While the new tariff regime will provide the government with some leverage in future trade talks, it also demonstrates the importance of reaching a UK-EU agreement to avoid substantial increases in costs for businesses on both sides of the Channel.
“With any tariff changes, there are both winners and losers. Support will be required for the industries, places and people affected by tariff changes at what is already a difficult time.”
For more information on the new UKGT, please visit the
