UK may scrap 80-90% of import duties in case of no-deal Brexit - reports

The United Kingdom may scrap 80-90 percent of all import tariffs in the event of the country's withdrawal from the European Union without an agreement, the Sky News broadcaster reported on Tuesday, citing government sources.

According to the broadcaster, the relevant measures are set out in a document that will be published if UK Prime Minister Theresa May fails to win parliamentary support next week during a vote on an agreement on Brexit terms.

The cancellation of import tariffs may become an unpleasant surprise for many UK producers and farmers, however, the government does not intend to abolish tariffs on imports of cars, beef, lamb, dairy products, as well as a number of textile industry goods.

Such a "radical blueprint" is intended to prevent a strong increase in commodity prices and at the same time signal that UK economy will remain "open" and "liberal" even after the country's withdrawal from the EU, the broadcaster said.

The United Kingdom is scheduled to leave the block on March 29 but has not secured a withdrawal agreement yet.  The UK parliament rejected May's Brexit deal in January by a record majority of 230. Last week, lawmakers agreed to have another vote on the Brexit terms by mid-March, with an option to delay the exit altogether if both the new deal and a no-deal scenario were rejected.

(SPUTNIK)