Tuesday 8 October 2019 / 2:59 PM Brexit / Economy / John McDonnell

Business faces £15 billion No Deal Brexit bill – McDonnell

John McDonnell MP, Labour’s Shadow Chancellor, has warned that British business faces a £15 billion annual bill from an “avalanche of paperwork” caused by the disastrous Tory No Deal Brexit policy.

The Shadow Chancellor challenged ministers to make a Commons statement on HMRC’s impact analysis of introducing new customs legislation and amendments.

Asking an urgent question in the Commons today, John McDonnell said:

“The government’s own assessment shows that their No Deal Brexit policy will introduce significant ongoing administrative costs impacting on UK and EU businesses of all sectors.

“There will be an avalanche of paperwork descending on British businesses in the form of import, export, safety and security declarations.

“The burden will cost our business sector an annual £15 billion in administrative costs.

“This doesn’t even include the costs of complying with new VAT procedures, which will hit our vital service companies.

“All this to pursue the hardest possible Tory no-deal Brexit.

“We have heard the Prime Minister’s previous crude dismissal of British business, now we are seeing his words become government policy.”