Ireland enjoys £600m Brexit bonanza

[pellinore]

Ireland has landed a €700m (£600m) Brexit bonanza with a steep increase in tax revenues flowing from customs duties now applicable to imports of clothing, food and other goods from Great Britain.

Before Brexit, Britain enjoyed customs-free exports to Ireland and the rest of the EU because it was part of the single market and customs union.

But when Boris Johnson sealed a hard Brexit and quit the single market, it meant fresh controls, checks and duties would be payable on exports to the EU.

New data in Ireland shows a 90% jump in customs duty receipts in Ireland between 2020 and 2021 when Brexit came into force.

Taking the pandemic into account and comparing 2019 with the three post-Brexit years, a significant jump in revenues can be seen.

Ireland reaps €700m Brexit bonanza from customs duties | International trade | The Guardian

Edited April 29 by pellinore

[OpenMindedSceptic]

Based on your previous answers in these forums where miniscule export costs are added to goods and you claim.people will suffet and conpanies will go out of business, this must be a devastating blow to the people of Ireland as it Will massively increase the prices if goods. But, oh no, this time it's to be applauded?

You're a bit confused about Brexit and the workings of import and export, you can't have it both ways and claim 'victory'.

[Alchopwn]

3 minutes ago, pellinore said:

Ireland has landed a €700m (£600m) Brexit bonanza with a steep increase in tax revenues flowing from customs duties now applicable to imports of clothing, food and other goods from Great Britain.

Before Brexit, Britain enjoyed customs-free exports to Ireland and the rest of the EU because it was part of the single market and customs union.

But when Boris Johnson sealed a hard Brexit and quit the single market, it meant fresh controls, checks and duties would be payable on exports to the EU.

New data in Ireland shows a 90% jump in customs duty receipts in Ireland between 2020 and 2021 when Brexit came into force.

Taking the pandemic into account and comparing 2019 with the three post-Brexit years, a significant jump in revenues can be seen.

Ireland reaps €700m Brexit bonanza from customs duties | International trade | The Guardian

Is €700m million really a lot of money tho ?

[Destination Unknown]

3 hours ago, pellinore said:

Ireland has landed a €700m (£600m) Brexit bonanza with a steep increase in tax revenues flowing from customs duties now applicable to imports of clothing, food and other goods from Great Britain.

Before Brexit, Britain enjoyed customs-free exports to Ireland and the rest of the EU because it was part of the single market and customs union.

But when Boris Johnson sealed a hard Brexit and quit the single market, it meant fresh controls, checks and duties would be payable on exports to the EU.

New data in Ireland shows a 90% jump in customs duty receipts in Ireland between 2020 and 2021 when Brexit came into force.

Taking the pandemic into account and comparing 2019 with the three post-Brexit years, a significant jump in revenues can be seen.

Ireland reaps €700m Brexit bonanza from customs duties | International trade | The Guardian

Except you're not telling us the full story though are you pellinore ... as usual.

What you're not telling us all is that 75% of that €700m (£600m) "Brexit bonanza" will then be sent straight to Brussels. From the article you linked:

Quote: "Not all revenues remain in Ireland. Under EU arrangements, a member state can retain 25% of duties elected, with the remainder going into the bloc’s overall central budget." 🤦👇👇👇👇

https://www.theguardian.com/business/2024/apr/29/ireland-reaps-700m-brexit-bonanza-from-customs-duties

When we were in the EUseless, Brussels used to rake in 80% of what was collected by 'Her Majesty's Revenue and Customs' (HMRC) on non-EU imported goods (the remaining 20% of this duty was retained by the Exchequer to cover the cost of collection). Now that we have left, 100% of this duty is now paid into the UK Treasury instead of Brussels, so by your very own admission pellinore, 'a Brexit Bonanza' for the UK. Ooops. 😂

According to official Government figures, HMRC collected £3.4 billion in customs duties in 2017 - 2018 alone, 80% of which was then sent straight to Brussels. It's a nice little scam, as long as enough people are dumb enough not to understand it. That's where you come in. 🙄👇👇👇👇

https://www.gov.uk/government/publications/tax-information-and-impact-note-for-the-uk-tariff-2019/tax-information-and-impact-note-for-the-uk-tariff-2019--2

Edited April 29 by Destination Unknown