Brexit could cost the UK an additional £5 billion a year should frontier declarations be required for shipments to and from Europe, UKWA chief Peter Ward has warned.
He told a special meeting organised by UKWA and BIFA that current levels of around 90 million frontier declarations for rest of world trade could escalate to 300 million.
“There’s a real possibility of another 210 million declarations becoming necessary, bringing additional costs to UK plc in excess of £5bn per year, with other expenses such as duties and taxes on top, depending on the trade agreement that is reached,” he said.
However, Ward said significant opportunities were emerging for simplifications on import/export procedures and the opening up of new world markets.
UKWA and BIFA’s joint event provided an update on issues likely to affect members in the run up to Brexit, including customs and excise changes, as well as insights into risk management and future trends in the commercial property market.