Publications featured in include: The Guardian, City AM and Business Matters.
UK businesses and consumers have paid 62% more in customs duties on goods imported to the UK over the last year (to March 31) as Brexit customs changes bite, our research shows.
UK businesses and consumers paid £4.7billion in customs duties on imported goods in the last year, a new record, and up from £2.9 billion in the same period last year.
Sean Glancy, Partner in our London office says: “Brexit related customs duty increases could not come at a worse time for British businesses and consumers. Inflationary pressures caused by COVID and the war in Ukraine are being exacerbated by those extra import duties.”
Whilst some of the increase in customs duties is a result of a recovery in trade post-pandemic, most of the increase is due to Brexit.
The main increase in customs costs comes from the new “rule of origin” tariff, which applies to the import of goods from the EU which were originally made, or contain components made, outside of the EU.
Importing goods from the EU has also become far more complicated and time-consuming for UK businesses due to the bureaucracy involved. In some cases, hauliers have needed to supply documentation of up to 700 pages long at borders, causing significant delays.
Custom duties since leaving Brexit jump to £4.7bn (April 1-March31) – the highest since records began