Brexit Secretary Dominic Raab warned Thursday Britain could impose duties on European Union member nations if no deal is made for financial services access.
A no-Brexit deal would require EU nations to be treated as “third countries,” with imports declared and customs duties, The Telegraph reported.
Raab said he’s confident “a good deal is in our sights,” as he published 24 “technical notices” Thursday, advising people how to prepare for a no-Brexit deal.
The 24 notices are the first batch of 80 due over the summer to outline the potential impact if Britain leaves the EU without a deal by March.
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Raab made it clear in the notices that Britons expect the EU to start imposing tariffs on British goods in event of no deal.
Businesses should “put steps in place to renegotiate terms to reflect any changes in customs and excise procedures, and any tariffs that may apply to U.K.-EU trade,” one notice said.
Raab also warned British banks could lose access to EU payment systems, resulting in “increased costs and slower processing times for Euro transactions.”