UK to implement new global trade tariffs from 2021

Britain plans to develop a new tariff schedule which will enter into force at the start of 2021 and will apply to goods from countries around the world where no other trade arrangements are in place, the government said on Thursday. The government has launched a four-week consultation to help shape its new most favored nation tariff regime, which will be known as the UK Global Tariff. This could include simplifying tariffs and removing tariffs completely on goods where Britain has no domestic production, it said.

"It is vitally important that we now move away from complex tariff schedule imposed on us by the European Union," trade minister Liz Truss said in a statement. "This is our opportunity to set our own tariff strategy that is right for UK consumers and businesses across our country."