Brexit: ‘Low take-up of no-deal fund concerning’

BBC today weites that Government funding to help UK companies cope with a possible no-deal Brexit customs system has had a “concerningly low” take-up, BBC News has learned.

In December, the Treasury and Revenue & Customs unveiled an £8m training fund companies and trade intermediaries such as freight forwarders could apply to.

BBC Newsnight has learned that just 741 companies have applied for the grants.

HMRC says it is doing “everything we can to help businesses get ready for leaving the EU”.

An estimated 240,000 UK businesses currently trade with the EU. Many of these would be expected to need training if the customs system changed.

The government funding aims to support employee training and IT improvements to complete customs declarations, in a no-deal scenario.

As the UK is in the EU single market and customs union – which help trade between EU members by eliminating checks and tariffs (taxes on imports) – these businesses currently face no customs barriers at all.

But in a no-deal scenario, the UK would immediately leave the EU with no withdrawal agreement.

And that would include leaving the single market and customs union, so the way in which companies trade with the EU would change.

You can read the entire article here: Brexit: ‘Low take-up of no-deal fund concerning’

Source: BBC News

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