The UK timber industry faces a potential “£1 Billion Pound Brexit Bill” if Britain leaves the EU Customs Union causing considerable problems for SMEs which makes up a majority of the sector. “Once the UK leaves the EU and its VAT area, VAT on EU imports will have to be paid up-front,” said Timber Trade Federation Managing Director David Hopkins. “Some 90 per cent of timber used in construction is imported from Europe, which British timber supplies are insufficient to replace.” The TTF released a statement on Friday—what it calls ...
Register for unlimited access
We work hard to bring you the latest news in the world of the international wood industry. The article you are currently reading is available only to registered users.By registering you gain access to:
- Thousands of quality articles
- In-depth analyses of market trends
- Exclusive market price insights
- And much more!
