UK Govt announces GBP30 billion tariff cuts after Brexit
|The UK Government is out with its post-Brexit tariff plan on Monday, announcing GBP30 billion tariff cuts after the transition.
Key takeaways
"Global tariffs to replace EU common external tariffs starting from 1 January 2021."
"Tariffs to be maintained for agricultural products like beef, lamb, poultry."
"10% tariff on cars will also be maintained."
"Almost all pharmaceuticals, medical devices will be tariff free."
Market reaction
The above announcement strengthens the bid tone around the pound, as GBP/USD extends the UK jobs data led gains to 1.2245. The spot is up 0.40% on the day.
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