British MPs warn of 'catastrophic' customs failure after Brexit

GETTYMPs have warned of disruption at Dover if post Brexit customs systems fail

"Confidence would collapse amid the potentially catastrophic effects".

The committee added, "In the context of the CDS programme, this would seem a relatively small sum to pay to guard against the wider financial and reputational costs of failure".

'The Treasury needs to ensure there is funding in place to develop contingency options so that there are no barriers to continuity of service.

It confirms data that a no deal Brexit would mean a fivefold increase in the number of customs declarations, with 132,000 companies facing the red tape of declarations for the first time.

As a member of the EU's customs union, the United Kingdom does not impose taxes or require customs declarations on goods from other member states - but as part of Brexit, ministers plan to leave the customs union and negotiate a new arrangement in its place.

If the CDS is "not ready in time and if there is no viable fall-back option", it would be "catastrophic", the cross-party committee concluded.

Lorry-loads of food will rot in traffic jams at the United Kingdom border after Brexit and hundreds of millions of shipments of other goods could be stranded in queues, if HM Revenue and Customs does not get the money it needs to beef up its declarations systems. The House of Commons Public Accounts Committee appears yet to be convinced about HMRC's state of readiness for the introduction of the new Customs Declarations System (CDS) in early 2019, and has recommended additional investment in the current customs IT system (CHIEF) to provide the United Kingdom with a viable back-up option should there be problems with CDS just as we are about to leave the EU.

"Any failure in the new Customs system would most likely lead to huge disruption for businesses, with significant delays at ports and airports of entry". It says "delay is not an option".

National Football League announces Art Rooney Sportsmanship Award nominees
He's put together a stellar 2017 campaign, playing like one of the best guards in the NFL. "Cam wants to win". Houston Texans punter Shane Lechler is the team's nominee for the annual Art Rooney Sportsmanship Award .

Donaldson Capital Management LLC Sells 8853 Shares of AbbVie Inc. (ABBV)
It improved, as 55 investors sold ABBV shares while 581 reduced holdings. 447,174 were reported by Texas Permanent School Fund. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $1.39 by $0.02.

IOS 11.2 beta 3 Changes, Features & Improvements
Any whitelisted features and devices utilising Wi-Fi and Bluetooth on your iPhone or iPad will continue to work regardless. You connect to a Wi-Fi (Bluetooth) network using Settings Wi-Fi (Settings Bluetooth).

MPs have today warned of the "catastrophic" scenario of HMRC failing to have a back-up system in place if its Customs Declaration Service (CDS) programme is not ready in time for Brexit. HMRC also needs to do a lot more to work with the many businesses affected.

HMRC started planning to replace CHIEF in 2013-14, well before the EU Referendum following changes to EU legislation which would have been costly and hard to make on CHIEF's ageing technology.

The government said the project was on track to be delivered in January 2019.

'Much remains to be done to have an effective Customs Declaration Service in place, on time, and that traders know how to use'.

This is two months before the United Kingdom is scheduled to leave the European Union, which is expected to lead to a surge in customs declarations at the border.

A failed customs system could lead to "massive queues at Dover", according to PAC report. "This compares to over 6,000 trusted traders in Germany".

PAC noted that HMRC "is now managing an unsustainable amount of change" which could put the delivery of CDS at risk.

It also said the government should aim to increase the number of "trusted traders" who are allowed to use simplified arrangements, which is now just 604 - a 10th of the number with such status in Germany.

Related:

  • Thermaltake's new gaming chair cools your butt with four built-in fans

    Thermaltake's new gaming chair cools your butt with four built-in fans

    Elsewhere the Thermaltake X Comfort Air follows the usual trend for racing-style seats on a five-point castor base. It's 4D armrests are adjustable, are the extra head and back support.

    Teekay Offshore Partners LP (TOO) stock changed 3113838 shares unusually Friday

    Finally, TheStreet downgraded Teekay LNG Partners L.P. from a b- rating to a c rating in a research note on Thursday, August 3rd. The market capitalization (Stock Price Multiply by Total Number of Outstanding Shares) for the company is reported at $380.10M.
    Jon Stewart

    Jon Stewart "Stunned" by Louis CK Scandal

    He also revealed he hasn't spoken to the disgraced funnyman about it. "So you feel anger at what he did to people", Stewart said. Still, Stewart said he hopes that with emerging allegations against C.K. "I'm not that connected to that world".
  • Coyotes acquire Leighton from Bolts for Domingue, McGinn

    Coyotes acquire Leighton from Bolts for Domingue, McGinn

    He has appeared in 111 career games for the Chicago Blackhawks, Nashville Predators, Philadelphia Flyers and Carolina Hurricanes. Leighton has appeared in 110 National Hockey League games with four teams, going 37-43-14 with a 2.98 goals-against average.
    Congresswoman Says At Least 2 Members Of Congress Are Sexual Harassers

    Congresswoman Says At Least 2 Members Of Congress Are Sexual Harassers

    She did not know the identity of the congressman. "Because Congress has been a breeding ground for a hostile work environment for far too long".

    Looking at Shares of India Smallcap MSCI Ishares (SMIN) — Equity Focus

    Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. MA's can be calculated for any time period, but two very popular time frames are the 50-day and 200-day moving averages.
  • Monster Beverage Corporation (NASDAQ:MNST) In Potential Pullback Zone

    Following the transaction, the director now directly owns 52,000 shares in the company, valued at approximately $2,912,000. Investors looking to minimize volatility risk may look to hold a larger number of diversified stocks in the portfolio.
    12-year-old girl suing to legalize marijuana nationwide

    12-year-old girl suing to legalize marijuana nationwide

    Whether she's successful in suing Sessions or not, Alexis is just hoping to spread awareness and be looked at like everyone else. We stand behind you, Alexis, and we hope that marijuana is readily available to all American citizens very soon.
    AmTrust Financial Services, Inc. (AFSI) could lead to an upward move

    AmTrust Financial Services, Inc. (AFSI) could lead to an upward move

    Parametric Port Associate reported 101,638 shares or 0% of all its holdings. 132 funds opened positions while 703 raised stakes. Moreover, S&T Bank Pa has 1.25% invested in the company for 454,559 shares. 30 funds opened positions while 58 raised stakes.
  • France Debates Dropping Minimum Legal Age for Sexual Consent to 13

    France Debates Dropping Minimum Legal Age for Sexual Consent to 13

    Many nations around the world don't have any legal age of consent, or rely on tradition and religious practice to dictate it. One of her colleagues in the French government has said that a minimum age for sexual consent has not been set for the bill.
    Iraqi Kurds Pledge to Respect Court Ruling Banning Secession

    Iraqi Kurds Pledge to Respect Court Ruling Banning Secession

    His remarks came during a meeting between al-Abadi and the head of the United Nations mission in Iraq, Jan Kubis. It called for talks with the government in Baghdad to resolve tensions over the region's constitutional status.

    Analysts' Review under Consideration: Vipshop Holdings Ltd (VIPS)

    Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. Vipshop Holdings Ltd (NYSE: VIPS ) shares traded 0.24% up during most recent session to reach at the closing price of $8.23.

Comments

Latest news

Full line-up for I'm A Celebrity Get Me Out Of Here revealed
A jungle fling? What happens in the jungle stays in the jungle, apart from all the people watching it. The 41-year-old was spotted with his presenting pal as they landed in Australia to front the show.

Stuffin' trousers for that extra stuffing at Thanksgiving
Thanksgiving just got a little easier for those of us that like to go back for seconds, and even thirds. Stove Top is donating $10,000 of the proceeds to the Feeding America charity.

(ADP) or Citrix Systems, Inc. (CTXS)?
Moreover, Fernwood Investment Mgmt Ltd Liability Company has 0.41% invested in Automatic Data Processing (NASDAQ: ADP ). The stock of Automatic Data Processing (NASDAQ: ADP ) earned "Hold" rating by Stifel Nicolaus on Monday, January 30.

3 dead, shooter killed near Tehama County school
According to local law enforcement, there were "multiple victims in multiple locations". "Our doors are locked", she said. "I know that we have (airlifted) a number of students", Assistant Sheriff Phil Johnston told NBC-affiliate KCRA .

Blue Fin Capital Inc. Reduces Position in McDonald's Corporation (NYSE:MCD)
Finally, Wetherby Asset Management Inc. boosted its position in shares of McDonald's Corporation by 2.1% during the first quarter. Following the transaction, the vice president now directly owns 15,739 shares in the company, valued at approximately $2,596,935.

Airain ltd Acquires New Holdings in Bank of America Corporation (NYSE:BAC)
Finally, APG Asset Management N.V. increased its holdings in shares of Bank of America Corporation by 14.8% in the second quarter. With 291,300 avg volume, 8 days are for Dennys Corporation (NASDAQ:DENN)'s short sellers to cover DENN's short positions.

Qualcomm rejects Broadcom's unsolicited proposal
The deal would dwarf Dell Inc's US$67 billion acquisition of EMC in 2015 - then the biggest in the technology industry. Broadcom can now raise its bid or launch a hostile takeover by enlisting shareholders to its cause.

Eating too fast makes you gain more weight - and it gets worse
The team determined that eating quickly was linked to being heavier, having more stomach fat and having higher blood glucose. The result showed that fast eaters were five-and-a-half times more likely to develop metabolic syndrome than slow eaters.

Korea, China Agree to Normalize Cooperation, Exchanges
An armstice signed in the '50s technically put an end to hostilities between the two countries, but no peace treaty was signed. The two countries agreed to normalize their ties in a joint statement issued by their foreign ministries on October 31.

ITV America & Streaming Service Britbox Bolster ITV's Third Quarter Financials
We are making real progress in building a European scripted business with the recent acquisition of Italian producer Cattleya. Online viewing was up 41 percent over the nine months, with long-form video requests up 36 percent.

Walker Art Center exec. director steps down
In a statement, the Walker said its board and Viso "agreed that now is an ideal time for a transition". Eventually the Walker relented and removed the sculpture.

Include Bharat-22 ETF in your satellite portfolio
The sector and stock exposure limits help in risk management and reduction of concentration, providing stability to the Index. The units of the scheme will be allotted 25% to each category of investors.

President Trump to make "major" announcement about North Korea, trade
The question, they said, is whether his mixed messages will open the door further for China's incursions in the region. 'It will be a very complete statement as to trade, as to North Korea , as to a lot of other things, ' Trump promised.

Iran quake toll, already at 530, may rise amid search for victims
Outside walls of some buildings were sheared off, power and water lines were severed, and telephone service was disrupted. The worst damage appeared to be in the Kurdish town of Sarpol-e-Zahab in the western Iranian province of Kermanshah.

Sridevi on comparisons between Jhanvi Kapoor & Sara Ali Khan
When quizzed about any advice she wanted to give Jhanvi on her Bollywood career, Sridevi said, "Children have their own mind". Seasoned actress Sridevi was asked about comparisons made between her daughter Jhanvi and Sara Ali Khan.

Other news