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Post-Brexit tariff regime will “lower costs for many businesses” and “mean cheaper prices for consumers”, says IEA expert

IEA Academic and Research Director Professor Syed Kamall responded to the International Trade Secretary Liz Truss MP’s announcement of a new post-Brexit tariff regime, the UK Global Tariff (UKGBT)

“With the UK and global economy facing an economic downturn as a result of Covid-19, it will be more important than ever to open up the UK market and reduce unnecessary barriers to trade.

“Simplifying and eliminating tariffs on imports will lower costs for many businesses, reduce administrative burdens, and mean cheaper prices for consumers.

“The Government is right to do away with the EU’s Meursing code, since this will allow the UK to reduce or scrap thousands of unnecessary import taxes on products – including 13,000 tariff variations on bakery products.”

“In leaving the EU, it is reassuring to see the government adopt an agenda of open trade which allows opportunities to reduce red tape and regulatory burdens on UK businesses. This will be essential to getting the economy back on track, maintaining existing jobs and creating new ones, as we emerge from lockdown.”

Syed Kamall sat on the European Parliament’s International Trade Committee for 14 years from 2005-19 and is Professor of Politics and International Relations at St Mary’s University, Twickenham.

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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

The IEA is a registered educational charity and independent of all political parties.

UK Global Tariff backs UK businesses and consumers

Original article link: https://iea.org.uk/media/post-brexit-tariff-regime-will-lower-costs-for-many-businesses-and-mean-cheaper-prices-for-consumers-says-iea-expert/

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