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U.K. Customs Checks Could Cost $1.3 Billion a Year Post-Brexit

  • Estimate ‘extremely conservative,’ costs likely higher: Oxera
  • Says policy cannot be a last-minute deal on eve of Brexit
Photographer: Jeff J Mitchell/Getty Images

Customs checks at the border after the U.K. leaves the European Union could cost 1 billion pounds ($1.3 billion) a year and cause delays for goods being shipped in both directions, according to a report by Oxera, an economic consultancy.

The estimate assumes low regulation but high levels of enforcement and is based on World Trade Organization data on the cost of trading across borders, Andrew Meaney, a partner at the Oxford, England-based policy analyst, wrote. The U.K.’s so-called Brexit from the EU is scheduled for the end of March 2019.