British post-Brexit meat exports

British post-Brexit meat exports

British meat exports to any European Union single market will face sizeable tariffs if the UK fails to negotiate a trade agreement with EU, outlined by the Confederation of British Industry (CBI). The UK would face tariffs on 90% of its EU goods exports by value and the average tariff would be 4%. So the idea now is that the penalties for meat exports would be considerably higher then 26% as a result of the “no deal is better than a bad deal” scenario, as once iterated by Theresa May.

Taking an average tariff of 4%, the increase in tariff costs would be up to 6 billion British Pounds per year which is the equivalent of 0.3% of the GDP per year. The CBI is call up the UK government to negotiate a transitional arrangement that would allow to remain in the EU single market and the customs union until a final deal is reached.