UKTPO Briefing Paper 62, October 2021
- The introduction of a new regulatory and customs border has made it more difficult and more expensive to trade with the EU. This impacts UK firms who import and export from and to that market.
- However, the impact of Brexit on UK importers and exporters is not homogenous. The paper identifies the nine most common responses to Brexit.
- Confusion about the new rules has resulted in a widespread lack of compliance. Often companies that have realised that they have not been compliant choose to “put a line under it” rather than disclose it and amend the records, citing the lack of sufficient guidance as justification.
- Increased costs resulting from the new border impact profit margins. These additional costs need to be absorbed at some stage in the supply chain or passed on to the final consumer.
Read the full paper here.