The government last week announced the UK’s new Global Tariff (UKGT) that will be effective on 1st January 2021. This new tariff is tailored to meet the needs of the UK economy. It supports the economy by making it easier and cheaper for businesses to import goods from overseas. It is a simpler, easier to use and lower tariff regime than the EU’s Common External Tariff (EU CET) and will be in pounds (£), not euros. It scraps red tape and other unnecessary barriers to trade, reduces cost pressures, and increases choice for consumers and backs UK industries to compete on the global stage.