BREXIT MEANS BETTER TRADE Summary: By summer 2023, Brexit had allowed the UK to remove tariffs completely on 47% of all product lines entering the UK, making products cheaper for UK consumers and businesses. In the EU, the level is 27% – so that’s 20% more product lines that are cheaper. Explanation: After leaving the [...]
In 2023 the UK Government introduced its new Developing Countries Trading Scheme (DCTS)to provide aid through trade with 65 developing nations – going further than EU schemes. This would not have been possible inside the EU as member states cannot have their own tariff rates.
In the FY ending March 2023, in just the LATAM region, the UK was able to remove 34 trade barriers to UK exporters - with 24 of these having been forecast to be worth £1.3 billion to the UK economy. These changes would not be possible from inside the EU.
In the year to March 2022, the UK trade department managed to resolve 192 tariff barriers across 79 countries. Just 45 of those 19 barriers were estimated to be worth an extra £1 Billion a year to UK businesses (around 0.03% of GDP in 2022).
EU members cannot trade in Swiss equities, due to a ban put in place in 2019. The UK was able to return and expand this trading, which is worth about £1.6bn a day, and so about £8m a day to HMRC. That's just over £2bn a year in additional tax revenue.
