Figures out this week from Boris Johnson MP’s Treasury said that businesses will face costs of £7.5 billion in the face of a no deal Brexit. These aren’t costs associated with new tariffs, these are simply costs from the UK being outside of a Customs Union and new red tape being imposed on business.
I asked the Minister who he expected would have to pay for this £7.5 billion in costs. Would it be the business having to absorb them? Would it be consumers having to pay more for goods? Or would it be employees who lose income or even jobs?
The answer from the Minister showed how much this government is flailing around with no direction or control over the cost of their actions. He said that these costs would be put on all three of the above options.
This is dangerously reckless policies towards businesses. This will mean that formerly profitable businesses will struggle, costs will increase in supply chains and the price at the checkout will rise. This is just another reason why no deal Brexit must be avoided at all costs.