The UK Government's announcement today, of an updated draft
of the UK's proposed WTO tariff schedule, which would apply in
the event of a 'no-deal'
Brexit, will have different impacts across different sectors
and individual business trading patterns.
There is potential for winners and losers from the revised
tariffs, which are intended to be temporary. The tariff schedule
descriptions are very specific, making assessing the impact of
changes to any particular business let alone across a sector or the
wider economy difficult to determine in the abstract.
Pending any UK free trade agreements with specific countries
entering into force, the revised tariffs will apply from the point
of a 'no-deal' Brexit to goods imported from not just the
EU but elsewhere around the globe too. The multiple layers of
sourcing in manufacturing and distribution mean that even the most
'Scottish' of products sold locally often rely, to a
surprisingly high degree, on things imported from
