“ Post-Brexit red tape on services ‘could be like imposing tariffs of 26%’
The mountain of post-Brexit bureaucracy facing Britain’s services sector could be equivalent to imposing a tariff of as much as 26 per cent, a leading investment bank said today.
The additional red tape blocking trade with European Union countries could create “non-tariff barriers” equivalent to imposing levies of between 6 and 26 per cent, UBS said.
The services industry is the engine of the British economy. It accounted for 80 per cent of economic output in 2019 and about the same proportion of jobs.
Boris Johnson’s last-minute Brexit agreement provided for zero-tariff trade with the European Union but did not exempt British companies from customs controls, paperwork and other red tape.“
Post-Brexit red tape on services ‘could be like imposing tariffs of 26%’ | Business | The Times
