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What No Deal Brexit tariffs mean and how cost of imported Volkswagen cars, steak and cheese could rise – but it means cheaper wine

Shoppers could pay more for items such as steak and cheese, cars and clothing as a result of a no deal Brexit - but it will also make hundreds of products cheaper. Usually there's no tax - known as a 'tariff' to pay on goods being imported into the UK from the EU. But if a trade deal with the EU isn't agreed, a tax on one in 10 European Union imports to the UK will be introduced. And there's a fear that these higher taxes could be passed onto consumers in the form of higher prices. The temporary tariff regime would last for the first 12 months after a no deal Brexit while the Government comes up with a permanent solution. Some observers see the move as a threat to the EU from Theresa May, to convince them to give Britain a better Brexit deal or see taxes slapped on their exports.

The Sun - March 20, 2019

View the full story here: https://www.thesun.co.uk/money/8627783/what-no-deal-brexit-tariffs-mean-and-how-they-could-push-up-cost-of-imported-volkswagen-cars-steak-and-cheese/