POST Online Media Lite Edition


Post-Brexit customs checks could cost 4 billion pounds every year

Staff Writer |
The introduction of post-Brexit customs checks could cost traders more than 4 billion pounds ($5.28 billion) a year.

Article continues below

The British government has said it plans to leave the European Union's customs union when it leaves the bloc, and it wants to negotiate a new relationship that will ensure trade is as free of friction as possible.

In its report 'Implementing Brexit: Customs', the Institute for Government said the government needed to offer as much certainty as possible to business and help them plan for changes to customs.

Around 180,000 traders now operate only within the EU and face making customs declarations for the first time after Brexit. The government estimates an extra 200 million declarations a year will be made.

Those declarations cost 20 to 45 pounds each, the IfG said, putting the total additional cost at 4 billion to 9 billion pounds.

What to read next

UK'S Brexit bill could reach up to €100 billion
Government should ensure tariff free access to single market, says CBI
France's trade gap narrows in April for less buying