HMRC August Trade Statistics and Brexit

HMRC has published statistics for the August 2016 trade in goods. These show that for August the UK was a net importer in goods with the rest of the EU by £7.7 billion.
The USA was the UK’s biggest export partner, despite and/or because of the EU’s inability to finalise a transatlantic trade agreement. The UK’s biggest import source was goods from Germany, followed by the USA, China and Switzerland in that order.
So, the statistics show, the remaining EU countries would be much more damaged by angrily adding customs duty and VAT to their exports to the UK, than would the UK, if the EU started a petulant trade and tax war as punishment for Brexit.

Eamon McNicholas
Tax Barrister, Accountant
http://www.EamonMcNicholas.com

Advertisements

About Eamon McNicholas

Tax Barrister, Accountant www.EamonMcNicholas.com
This entry was posted in Tax and Accounting News and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s