The details of the tariff regime were published today ahead of a vote in the House of Commons on whether or not to rule out a no-deal Brexit, following the second defeat for the Prime Minister’s Brexit deal yesterday.

The temporary tariffs would apply for up to 12 months while a full consultation and review on a permanent approach to tariffs is undertaken.

Trade Policy Minister George Hollingbery said: “Our priority is securing a deal with the European Union as this will avoid disruption to our global trading relationships. However, we must prepare for all eventualities.

“If we leave without a deal, we will set the majority of our import tariffs to zero, whilst maintaining tariffs for the most sensitive industries.

“This balanced approach will help to support British jobs and avoid potential price spikes that would hit the poorest households the hardest.

“It represents a modest liberalisation of tariffs and we will be monitoring the economy closely, as well as consulting with businesses, to decide what our tariffs should be after this transitional period.”