The EU is the UK’s largest trade partner, accounting for around half of the country’s trade. British membership of the bloc has reduced trade barriers, making products and services cheaper for UK consumers and exporting to the EU easier for UK companies.
Depending on the deal the UK manages to secure, leaving the EU will probably result in rising tariff and non-tariff barriers (NTBs). Examples of NTBs include extra paperwork or other trade restrictions arising from issues such as regulatory divergence, conformity assessments, pre-shipment inspections, rules of origin, and other entry requirements.
Companies are looking to understand the impact of Brexit on their future revenues and profits by weighing how changes in tariffs and NTBs will affect different product groups.
Find out more on how EIU Healthcare can help companies understand the practical impact of various EU deal scenarios, from a Soft Brexit where the UK stays in the European Economic Area (EEA), through a European Free-Trade Agreement (EFTA), to the World Trade Organisation (WTO) rules that would be used under a Hard Brexit.