UK will set out ‘no deal’ tariffs if we get to that scenario: trade minister Fox

LONDON (Reuters) – British trade minister Liam Fox said on Wednesday the government would set out the tariffs it plans to levy if Britain leaves the European Union without a deal at the point that becomes the likely outcome.

Britain currently has tariff-free access to EU markets and businesses have been waiting to find out whether the government will impose tariffs on imports from the EU if it leaves on March 29 without an exit agreement.

Asked by a committee of lawmakers about media reports the government was planning to slash tariffs on most goods to zero, Fox said: “The government will set out what it believes to be the correct tariffs if in fact we get to a no-deal scenario.”

Fox said it would be beneficial for lawmakers to have information on ‘no deal’ tariffs before a possible vote in parliament next week on whether to pursue a ‘no deal’ exit, but it was not his decision to make.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.