MARK CARNEY opined this week that the idea Britain could trade on WTO terms with zero tariffs after a no-deal Brexit was “absolute nonsense.” The man George Osborne recruited as Governor of the Bank of England is no Brexiteer. 

However, last month the UK government had already announced temporary tariff-free arrangements on 87 per cent of total imports (by value) to Britain in the event of a no-deal Brexit. Tariffs would still apply to 13 per cent of imported goods including beef, lamb, pork, poultry and some dairy products, which have historically been protected by high EU tariffs.

Some tariffs on finished vehicles in the automotive sector would continue, however, “car makers relying on EU supply chains would not face additional tariffs on car parts imported from the EU to prevent disruption to supply chains.”