UK traders face £4b annual Customs bill
LONDON: Customs declarations at the United Kingdom border that may be imposed after Brexit would affect 180,000 British traders and could cost them more than £4 billion (RM22.17 billion) a year, according to the Institute for Government.
The report is the latest to warn of the potential obstacles that exporters will face if Britain leaves Europe’s Customs union, as Prime Minister Theresa May says she ultimately wants to. Thirty government departments would be required to change their operations, said the study.
“Everyone from port operators to small traders can only undertake limited preparation while future arrangements are so uncertain,’’ said Joe Owen, a senior researcher at the Institute. Bloomberg