Customs checks at the border after the UK leaves the European Union could cost £1 billion pounds a year and cause delays for goods being shipped in both directions, according to a report by Oxera, an economic consultancy.
The estimate assumes low regulation but high levels of enforcement and is based on World Trade Organization data on the cost of trading across borders, Andrew Meaney, a partner at the Oxford, England-based policy analyst, wrote. The UK’s so-called Brexit from the EU is scheduled for the end of March 2019.
Mr Meaney described the figure as “extremely conservative,” saying it does not take into account the economic costs of uncertainty involved, extra staff, traffic congestion or land on which to conduct the checks, and said the actual number would likely be much higher. He called on the government to prioritize the issue when it returns from its summer recess in September.
“Business in both the UK and the EU needs to know very soon the customs rules under which they will be trading,” he wrote. “The decision cannot be part of a last-minute deal on the eve of Brexit, due to the time it will take to get trade moving under the new arrangements.”
Meaney’s report outlines four possible scenarios, ranging from low levels of regulation and enforcement, which is most similar to the current system, to high levels of both -- something the Port of Dover has described as “Armageddon.”
While the government still seems determined to leave the single market and customs union that currently give Britain free, frictionless trade with the bloc, it has signaled that it is moving toward an agreement to seek a transition period of up to three years. That could give businesses a better chance to adapt and ministers longer time to work out technical details.
*Bloomberg
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LA LIGA FIXTURES
Saturday (All UAE kick-off times)
Valencia v Atletico Madrid (midnight)
Mallorca v Alaves (4pm)
Barcelona v Getafe (7pm)
Villarreal v Levante (9.30pm)
Sunday
Granada v Real Volladolid (midnight)
Sevilla v Espanyol (3pm)
Leganes v Real Betis (5pm)
Eibar v Real Sociedad (7pm)
Athletic Bilbao v Osasuna (9.30pm)
Monday
Real Madrid v Celta Vigo (midnight)
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
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RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
Japan 30-10 Russia
Tries: Matsushima (3), Labuschange | Golosnitsky
Conversions: Tamura, Matsuda | Kushnarev
Penalties: Tamura (2) | Kushnarev
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
