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UK to slash tariffs in event of no-deal Brexit

Video Credit: Reuters Studio - Duration: 01:45s - Published < > Embed
UK to slash tariffs in event of no-deal Brexit

UK to slash tariffs in event of no-deal Brexit

The UK says it will eliminate tariffs on many goods and avoid a hard border in Ireland in the event of a no-deal Brexit.

Julian Satterthwaite reports.

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UK to slash tariffs in event of no-deal Brexit

Britain is preparing for life after Brexit - soft or hard.

Finance minister Philip Hammond addressed lawmakers Wednesday (March 13).

His message: I could do more for the economy if I didn't have to save money in case of a no-deal Brexit: (SOUNDBITE) (English) BRITISH FINANCE MINISTER, PHILIP HAMMOND, SAYING (SOUNDBITE BEGINS ON SHOT OF HAMMOND SPEAKING FROM ANOTHER ANGLE): "So I can confirm today that assuming a Brexit deal is agreed over the next few weeks and the uncertainty that is hanging over our economy is lifted, I intend to launch a full three year spending review before the summer recess to be concluded alongside an autumn budget." The financial inducement hasn't swayed staunch Brexit supporters in Parliament.

Only the previous evening they again voted down Prime Minister Theresa May's proposed deal.

On Wednesday the government set out two temporary measures it plans to offset any hard Brexit.

Not least, a pledge to eliminate most tariffs on goods from outside the EU.

Reuters UK economics editor Bill Schomberg: (SOUNDBITE) (English) REUTERS UK ECONOMICS CORRESPONDENT BILL SCHOMBERG, SAYING: "But of course there is a risk that some manufacturers would find it hard to compete so jobs could be lost, so they've been careful about which sectors they're going to expos to the full force of competition from around the world without the protection of tariff barriers.

And the second thing they did was say they wouldn't introduce any customs checks on the border between Northern Ireland and Ireland after a no-deal Brexit.

This would avoid the risk of a hard border." Britons might want to stock up now on beef, lamb, pork, chicken and dairy goods.

Those will be subject to protective tariffs, and could get more expensive.

Some protection for the car industry too.

Meanwhile consumers are already making their own plans.

Supermarket Morrisons says there's evidence people are stockpiling painkillers and toilet rolls.

It seems Brexit even reaches the bathroom.



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