Import tariff bills soar 65% in past four years

The total paid in customs duties has risen from £2.9bn in 2020 to £4.8bn in 2024 – a jump of 65%. Over the same period the value of all tax paid has grown more slowly from £52.3bn to £70.1bn (a rise of 35%).

Sean Glancy partner at UHY Hacker Young says that tariffs and duties have become a far bigger burden for UK businesses in recent years. Further if the UK responds to new global tariffs instituted by the US by increasing its own tariffs the costs to UK businesses are only likely to increase further.

He said: ‘It’s UK businesses and consumers that ultimately pay the cost of UK tariffs. People and companies in the UK that rely on goods imported from overseas have been hit very hard by additional costs since Brexit. These figures represent a substantial amount of extra...