There has been a lot of turmoil in Westminster this week, as the House of Commons looks to find a way forward following the referendum of 2016. There have been three days of voting and as I write this the current deal has been rejected, and though there has been an indicative vote rejecting No Deal, as we understand it the default position is for the UK to leave without a deal on 29th March 2019.
It would seem likely that this will be delayed, probably to the end of June, though possibly longer.
Earlier this week HM Treasury issued guidance on tariffs to be imposed in the event of a so called “No Deal” Brexit.
The advice is here:
So more specifically the actual tariffs are included below:
In summary most of our goods would have a 0.8% Tariff applied to them with 3.7% on Transformers.
This is likely to impact both on new AND existing contracts, as per our terms and conditions, as we source goods from Europe.
Hopefully sense will prevail, and it seem likely that the issue here will not impact us in 2 weeks. We, like you all, keep a watching brief