Britain is getting a taste of its own medicine as the effect of Brexit has started to trickle down. There is a chance of low supply and higher prices as the Johnson government has not been able to come on a level ground, over regulatory checks on ports. This has been communicated by a retail industry’s lobby group.
Till the time, Britain was a part of the European Union it enjoyed seamless inflow of goods. But with its exit from the EU, this is going to become a problem. With border controls missing, the EU does not intent to cooperate with British related trade anymore. The UK government has now confirmed that border controls will be put into place, to ensure the right customs and excise duties are collected and borders are kept secure after the 11-month transition period ends on Dec. 31.
It is evident that this has to be done at the earliest; something the EU had urged Johnson’s administration to see through before the split. The British Retail Consortium (BRC) are rightly warned that without practical agreements with the EU, companies could be required to produce a mountain of paperwork at border crossings – VAT sales tax and excise documents, freight documents, health and veterinary paperwork, export health certificates, exit and entry summary declarations, and safety and security permits. A zero tariff agreement is the best bet, to save shifting costs to the customer. The most affected will be food products. Almost 80% of all the food that UK retailers import comes from the EU.
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