Accountants in Newport say Britain Would Have to Impose Higher Tariffs on Imports

Brexit would have the largest impact on the United kingdom, although it would still have a significant effect on the EU. Almost all of the Britains trade would somehow need to be negotiated. Trade is important to the British economy, consequently it’s significant that everybody understands the facts and don’t underestimate the possible consequences. One of the consequences of Brexit would include that Britain would most possible lose their preferential access to markets which are covered by thirty six trade agreements and fifty eight other countries, that had been negotiated by the EU. This means that the Britain would then have to impose higher tariffs on imports from the 58 countries, while they would have to levy their own surcharges on British exports. These additional tariffs might end up costing United kingdom consumers almost 10 billion pounds. This means they would be planning for negotiations which can take years. Trade agreements are a exceedingly complex thing plus can be tricky to negotiate; they can also be quite slow and time consuming. Even if Uk are equipped to begin trading with different countries, the different countries may not be in the correct position to trade at that time in time. One of the bad consequences of Brexit would be that it might be damaging for the UK and the EU, as they possibly either decrease trade or rise the cost of their deals with each other. Brexit might decrease other countries interest in the Britain and could reduce investments from other parts of the EU.

As a consequence of Brexit the UK could struggle to get any new investments, there are some things which Brexit wont have any influence on such as deep capital markets and the language. The economic effect of Brexit is not as obvious cut in either direction as most prior analyses have suggested. Instead it will depend on a number of hard decisions within the Britain and Europe. The worst case scenario is if by 2030, the United kingdom fails to strike a do business trade with the rest of the EU and will not pursue a free trade agenda, the GDP would be 2.2p.c lower than if the Britain had stayed in the EU. The top outcome is that by 2030, the UK managed to make an agreement with the EU. This will result in the Britain GPD being roughly 1.6% higher than if it remained inside the EU. Brexit could result in most of the United kingdom banking industry losing entry to the single market, prompting major banks to think about relocating to maintain access to the Euro market. A bad result of Brexit possibly be serious political opposition in the UK.

Accountants in Newport say Britain Would Have to Impose Higher Tariffs on Imports