White papers for trade and customs have been published which will ensure that the UK is ready for the first day following exit.

The trade white paper establishes the principles that will guide future UK trade policy, as well as laying out practical steps that will support those aims.

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These include:

• taking steps to enable the UK to maintain the benefits of the World Trade Organisation’s Government Procurement Agreement
• ensuring the UK can support developing economies by continuing to give them preferential access to UK markets
• preparing to bring across into UK law existing trade agreements between EU and non-EU countries
• creating a new, UK trade remedies investigating authority.

Meanwhile the new customs bill will give the UK the power to:

• charge customs duty on goods; define how goods will be classified , set and vary the rates of customs duty and any quotas
• amend the VAT and excise regimes so that they can function effectively post-exit
• set out the rules governing how HMRC will collect and enforce the taxes and duties owed
• implement tax-related elements of the UK’s future trade policy.

Liam Fox, international trade secretary, said: “We want to build a future trade policy that delivers benefits for the UK’s economy and for businesses, workers and consumers alike.

“As an international economic department, we are preparing for a future trade policy to help Northern Ireland businesses make the most of the trade opportunities around the world, contributing to a growing economy and creating prosperity for communities up and down the UK.”