In recent weeks, one prominent concern has been the impact a Brexit “no deal” scenario could have on imports, particularly for the food and manufacturing industries. With the government’s preliminary deal yet to be approved by Parliament, and the date of departure just a few months away, businesses are finding that it is necessary to stockpile goods and resources, just in case things do not go to plan. For this, they need a huge amount of storage space – and both businesses and storage providers are frantically scrabbling to deliver.
The prospect of there being no customs arrangements when the UK leaves the Union in March is a worrying one, as it means UK ports would have to default to World Trade Organisation (WTO) rules and tariffs.
Not only are these far more expensive for businesses looking to import (on top of the falling value of the pound), but they are also more complicated than present rules, and require far more paperwork. This sudden influx of new processes and administrative work would inevitably lead to substantial delays and increased costs, which would create product shortages and immense uncertainty for businesses.