UK tax and tariff cuts are being considered in the event of a no-deal Brexit, according to a Financial Times report. Among the plans being considered is cutting corporation tax and VAT to encourage more business investment, according to the paper. The paper said that if Britain leaves without an agreement on trade with Europe, it could face tariffs as high as 50 percent for some products. Cuts to corporation tax and VAT could be used to encourage investment. Meanwhile, a second Brexit scheme, Project Bluebell, is reportedly looking at protective measures for the car manufacturing, agricultural and pharmaceutical industries if no deal is reached.
UK tax and tariff cuts are being considered in the event of a no-deal Brexit, according to a Financial Times report. The paper said that if Britain leaves without an agreement on trade with Europe, it could face tariffs as high as 50 percent for some products. Cuts to corporation tax and VAT could be used to encourage investment. Meanwhile, a second Brexit scheme, Project Bluebell, is reportedly looking at protective measures for the car manufacturing, agricultural and pharmaceutical industries if no deal is reached.