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https://www.bbc.co.uk/news/explainers-55858490
So we left a trade union thing with the EU and we have joined this one...it seems to suggests it is looking to reduce import costs, will those be passed on to the consumer?
Or have I completely misunderstood and trying to connect several things that have to way of being connected?
the gains from the expanded accord is expected to be fairly small - around 0.08% of GDP over 10 years
Yeah, we might see a few pence knocked off a part costing hundreds. Offset that against the economic meltdown/cifftop drop we're rolling towards, and it'll be every penny helps, I guess.
It was this bit in the article that got me thinking of cheaper bike bits -
The key perk is greater access to each other's markets, and a pledge to eliminate or reduce 95% of import charges or tariffs.
Doesn’t have to be passed on thou.
U.K. is also in charge of setting its import tariffs so they could have done what they want without joining.
EU can set import charges on anything that takes advantage of it that is then exported to them so can cancel it out.
What you want is vat free sales on bikes to encourage a greener healthier transport.
Doesn’t have to be passed on thou.
Exactly. Given the possible economic gloom it's a valid reason/excuse to profit.
And hard agree about removing VAT.
The key perk is greater access to each other’s markets, and a pledge to eliminate or reduce 95% of import charges or tariffs.
How much are the actual tariffs?
My guess? Square root of FA is the likely saving.
Most import tariffs are in the region of 3-8%, but the big stinger is VAT at 20%
IMHO the path to cheaper bike parts/bikes seems to be going on holiday to the eu and doing the tax free shopping thing and er smuggling it back into the country. 🙁