Govt to set out plans to levy tariffs on EU in no-deal Brexit: Fox

British trade minister Liam Fox said on Wednesday the government would set out the tariffs it plans to levy if Britain leaves the European Union without a deal at the point that becomes the likely outcome. Britain currently has tariff-free access to EU markets and businesses have been waiting to find out whether the government will impose tariffs on imports from the EU if it leaves on March 29 without an exit agreement.

Asked by a committee of lawmakers about media reports the government was planning to slash tariffs on most goods to zero, Fox said: "The government will set out what it believes to be the correct tariffs if, in fact, we get to a no-deal scenario." Fox said it would be beneficial for lawmakers to have information on 'no deal' tariffs before a possible vote in parliament next week on whether to pursue a 'no deal' exit, but it was not his decision to make.