The UK has unveiled its new post-Brexit global tariff regime to replace the European Union’s external tariff that comes to an end on 1st January 2021.
On the UK’s new tariff regime, international trade secretary Liz Truss said the following:
“For the first time in 50 years we are able to set our own tariff regime that is tailored to the UK economy,”
“Our new Global Tariff will benefit UK consumers and households by cutting red tape and reducing the cost of thousands of everyday products. With this straightforward approach, we are backing UK industry and helping businesses overcome the unprecedented economic challenges posed by coronavirus.”
UK consumers will also benefit from more choice and lower costs on numerous goods thanks to zero tariffs. These include, for example:
- Dishwashers (down from 2.7%).
- Freezers (down from 2.5%).
- Sanitary products and tampons (down from 6.3%).
- Paints (down from 6.5%) and screwdrivers (down from 2.7%).
- Mirrors (down from 4%).
- Scissors and garden shears (down from 4.7%).
- Padlocks (down from 2.7%).
- Cooking products such as baking powder (down from 6.1%), yeast (down from 12%), bay leaves (down from 7%), ground thyme (down from 8.5%) and cocoa powder (down from 8%).
- Christmas trees (down from 2.5%).
The new UK tariff can be found here: gov.uk/UK-tariffs-from-1-January-2021