If the UK leaves the EU without a deal the government will slash 80% to 90% of the tariff positions down to zero. Those tariffs are currently required by the EU.
In the event of a nod-deal Brexit (WTO-deal actually), it will be the single biggest liberalization of trade in British history, and most likely the world.
Without a doubt, this is a huge advantage for UK consumers and an unparalleled opportunity.
Meanwhile, it’s B minus 23 days and counting.
Mike “Mish” Shedlock
A tariff canary indeed. Long FTSE 100 when and if.
“Those tariffs are currently required by the EU.”
The EU also requires a minimum 15% VAT for stuff that isn’t exported. This tends to benefit larger companies that are more likely to export. I am hopeful that Britain lowers or eliminates the VAT before my next visit.
You can get an exemption on stuff by filling out a form, as long as you take more than a given minimum out when you leave (was £100 in ’85). But the form is a pain in the ass.