This translation has been automatically generated and has not been verified for accuracy.Britain unveiled a temporary tariff regime on Wednesday, March 13 that could boost the price of imports ranging from cars to butter if the U.K. leaves the European Union without an agreement on future trade, triggering fury among business leaders who weren't consulted on the proposals.
These contribute $5.6-billion a year to Britain’s economy, providing employment for more than 10,000 people in highly skilled jobs, according to a report by consultancy PwC, commissioned by trade association Maritime London.But a shift in global shipping trade to Asia and tougher competition are adding to pressures on this niche sector, the report said.
The report, launched at the start of London International Shipping Week, comes as Britain spins towards an election. Brexit remains up in the air, more than three years after Britons voted to leave the European Union. Options range from a turbulent “no-deal” exit to abandoning the whole endeavour. “Some pointed to opportunities to reduce regulation post-Brexit, while others expressed concerns about the availability of talent and the perception of the UK as ‘open for business’,” the report said.The exodus from shipping finance by many leading lenders including Britain’s Royal Bank of Scotland and Lloyds had affected London’s position as a money destination for international shipping firms, the report said.