Connect with us

Hi, what are you looking for?

Investing

UK firms still unclear about Brexit rules with less than a month to go

Exporting

UK businesses still have unanswered questions about Brexit less than a month before the transition period ends, the British Chambers of Commerce (BCC) has said.

The organisation said businesses still did not know which rules of origin would apply to them, and these are needed to establish how products have to be produced to qualify for preferential tariff rates under various trade agreements.

The BCC said this was preventing businesses and their customers from planning and was potentially creating additional costs, and could be influencing location and supply chain decisions.

There is also only very limited guidance on the movement of goods from Great Britain to Northern Ireland, and no information on how UK tariff rate quotas will be administered or how businesses can access them beyond the transition period, the BCC said.

Its Brexit guidance dashboard, which is used to evaluate the quality of official government guidance, still has 24 of 35 key questions flashing red or amber.

Five of the questions frequently asked by businesses are given a red rating, which indicates “wholly inadequate information on which to plan”. Nineteen are marked amber, indicating that some information is available but gaps remain.

To help businesses adjust to the new procedures and systems that will come into force from 1 January, the BCC is urging the government to grant a temporary waiver of the £300 fine for hauliers who are not “border ready” when they arrive at Channel portsas a result of genuine errors in their documentation.

The BCC’s director general, Adam Marshall, said: “With just weeks to go, businesses need answers, and they need them now. Posters and television adverts are no substitute for the clear, detailed and actionable information businesses require to prepare for the end of transition. None of the issues businesses are grappling with are new, they have all been raised repeatedly over the past four years.”

Marshall welcomed the fact that the UK and EU were still negotiating, and said the overwhelming majority of businesses wanted the two sides to reach an agreement.

Read more:
UK firms still unclear about Brexit rules with less than a month to go

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

A Saudi flag flutters atop Saudi Arabia’s consulate in Istanbul, Turkey Oct. 20, 2018. — REUTERS/HUSEYIN ALDEMIR/FILE PHOTO RIYADH — Saudi Arabia’s crown prince...

Economy

IN FEB. 2019, Facebook, Inc. set up a test account in India to determine how its own algorithms affect what people see in one...

Economy

CHINA’S economy risks slowing faster than investors realize as President Xi Jinping’s push to cut its reliance on real estate and regulate sectors from...

Economy

Faced with a high level of competition in an era of streaming services, content providers must stay ahead by developing a strong user experience...

Economy

The Philippines remains under a “gray” list of countries under increased monitoring for money laundering and terrorism financing risks, despite some progress in implementing...

Investing

A Brewdog promotion which said customers could win “solid gold” beer cans was misleading, the advertising watchdog has found. The Scottish brewer offered shoppers...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!