The first set of technical notices on a no-deal Brexit scenario is published
- UK banks in EU to default to member state rules in a no-deal event
- Credit card payments likely to increase
- Costs and processing time for euro transactions could increase
- UK citizens in EU risk losing access to UK bank accounts
- Customs declaration would be needed when goods enter/leave the UK to/from EU
- UK companies need to pay VAT and import duties for EU goods
- Tariffs applied may be different to current EU tariffs
- There will be some specific changes to VAT rules
- Will introduce postponed accounting for import VAT
The notices published today is about 1/3 of what the government is publishing. I've just highlighted some of the more relevant ones above. Raab says that all 84 notices will be published in the next few weeks.
He also adds that "there is not going to be much change at all for UK consumers if there's a no-deal Brexit". Right, I'm sure UK companies will be happy to absorb additional costs and not pass them on to consumers. Pfft.
