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Analysts at Rabobank explain that with just sixteen days to go before Brexit is scheduled to start the UK has this morning outlined temporary tariffs that would apply in the event of a hard Brexit.  

Key Quotes

“Some agricultural goods including beef, lamb, pork and poultry and finished cars will be subject to tariffs, though 87% of imports will be free of taxes.   Press reports suggest the UK government does not intend to collect tariffs at the border with Ireland in the event of a hard Brexit.”

“Another key event for the UK today will be the announcement by Chancellor Hammond of the Spring Statement.   The recent strength of tax receipts has put UK public finances on a strong footing.   This means that lower borrowing is likely to be announced today.   That said, in reflection of the impact of political uncertainty, a downward revision to the 2019 UK growth forecast is widely expected.”