02 May Leaving the Customs Union Must not Leave UK Tech Firms Tied up in Red Tape
Ensuring that any new Customs arrangement with the EU works for tech is the key recommendation of techUK’s latest report, released today. Leaving the Customs Union: Challenges and Opportunities for a Digital Global Britain, outlines recommendations to stimulate the UK tech sector and create a new world-leading customs system to power Digital Global Britain.
About half of digital sector goods exports, and one-third of services exports, are with EU countries. The UK tech sector has highly integrated supply chains across European and global markets. Twenty per cent of all the goods and services produced by these firms are bought by businesses and consumers around the world; two-fifths of these in the EU.
The report highlights key tech sector concerns on potential issues arising as the UK leaves the Customs Union, including additional contractual obligations on tech companies, added costs for imports and exports, increased time for goods in transit, and risk of unexpected interruptions in supply chains and distribution channels.