They won’t like a bit of British butter on their bread: the problem of tariffs after Brexit

Countries impose customs duties on imported goods. How would UK exports be affected if we left the EU’s Common Customs Tariff regime? Michael Johnson explains how the tariff schedule works, and that some products (such as food, vehicles and electronics) are subject to much higher duty than others. Abolishing all tariffs, as some pro-Brexit economists have proposed, is unrealistic because industries like agriculture demand protection from cheap imports.He looks at the challenge of renegotiating the vast amount of legislation in the area, particularly for services.