The UK government has asked business groups to map their supply chains to flag the areas of the economy most at risk if Brexit imposes additional trading costs on exporters, according to Bloomberg. Some will have to delve not only into their own supply chain, but into their suppliers’ as well. Her preferred plan is an untested program that would see Britain levying tariffs at EU rates after Brexit, providing refunds for goods destined to British markets if UK tariffs are lower. But with Britain due to leave the customs union after a 21-month transition period ends in December 2020, companies will need to understand the barriers they face sooner than that, they said. That’s because they may have to develop new supply chains or relocate production, both of which will take time.

Source: The Irish Times May 11, 2018 07:41 UTC