How Will Trade Work After a No Deal Brexit? - Brexit Explained

The video discusses the importance of preparing for a no deal Brexit, highlighting the government's efforts to ensure readiness. It explains the technical notes on trade classification and the potential impact on trade and economy. Current trade arrangements within the EU are described, along with future trade scenarios post-Brexit. Key points for businesses in a no deal scenario are also highlighted, emphasizing the need for compliance with new customs procedures.

Why is it important for businesses and customers to consider all potential outcomes of Brexit?

• To maintain the current trade agreements

• To ensure a smooth transition to the new reality

• To avoid any changes in trade policies

• To increase the import of goods from the EU

What is the current status of UK exports to the EU under the single market?

• They are subject to customs duties

• They travel freely without tariffs

• They require import declarations

• They are treated as third country goods

What will happen to UK goods if the UK leaves the EU without a deal?

• They will continue to have preferential rates

• They will be treated as third country goods

• They will be exempt from customs duties

• They will have free access to the EU market

What power does the Cross Border Trade Bill give to HM Treasury?

• To maintain the EU common customs tariff

• To exempt UK goods from EU tariffs

• To establish a new UK trade tariff

• To negotiate new trade agreements with the EU

What will businesses need to do in a no-deal Brexit scenario?

• Comply with new customs procedures

• Ignore the changes in trade policies

• Continue trading under the same conditions

• Pay reduced duties on exports