Free and fair trade is fundamental to the prosperity of the United Kingdom and the world economy. It leads to higher wages and ensures more people can access a wider choice of goods and services at lower cost, making household incomes go further, especially for the poorest in society. The UK’s trade with the world is equivalent to over half the UK’s GDP.
As we exit from the European Union, we have a once in a lifetime opportunity to build a stronger, fairer and more prosperous UK that is more open and outward looking than ever before.
The Trade Bill, introduced on 7 November 2017, represents a significant step in preparing to leave the EU. It will put in place essential legal powers and structures to enable the UK to operate an independent trade policy.
The Taxation (Cross-border Trade) Act, which received Royal Assent on 13 September 2018, establishes a standalone customs regime and ensures that VAT and excise arrangements operate effectively upon EU exit. It also contains trade-related tax measures.
This legislation will prepare the UK for all possible outcomes of negotiations and will help to ensure that we are ready for exit, providing continuity for individuals, businesses, and our international trading partners.
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