What you need to know about the ‘no-deal’ Brexit papers

Here is what ministers are saying could happen:

DAY-TO-DAY FINANCE

:: There will be some changes to Value Added Tax (VAT) rules if Britain leaves the EU without a deal

:: Britain says without EU action, a no-deal brexit would mean EU customers cannot use investment banks in UK

:: A no-deal Brexit could increase costs and processing time for transactions in euros

:: Credit card payment costs are likely to increase

MEDICINES AND HEALTH

:: The UK will have its own processes and systems to manage human medicines and devices regulation

:: Unnecessary complexity in medicine regulation will be avoided by following existing processes

:: Companies will have to submit regulatory information on medicines, medical devices and e-cigarettes directly to the UK’s Medicines and Healthcare products Regulatory Agency (MHRA)

:: UK will continue to accept batch testing of medicines carried out in European countries that are approved by the MHRA

:: UK will require a UK, EU or EEA-based qualified person to certify batch testing of medicines

:: UK will recognise medical devices approved for the EU market and CE-marked

:: EU blood directives would no longer apply to UK; government working to ensure day-one operability for blood safety and quality

TRADE AND BUSINESS

:: UK import tariffs after a no-deal Brexit may be different to the EU’s current tariffs

:: The EU would apply customs and excise rules to goods it receives from UK

:: UK to seek to transition all EU free trade agreements from the first day after a no-deal situation begins

:: UK authorities would seek to minimise delays and additional burdens for legitimate trade and ensure compliance

:: Britain will create a financial regulator “general transitional tool” to ease impact in event of no-deal Brexit

:: Britain says it is willing to take unilateral action to ease the impact of a no-deal Brexit on financial services, but EU must also take action

:: Britain says the country is ready to agree a co-operation agreement with EU to avoid disrupting cross-border mutual funds sector

:: Companies should consider renegotiating commercial terms to reflect any changes in UK customs and exercise procedures, as well as new tariffs

:: UK companies will need to pay VAT and import duties for EU goods unless goods are in a duty suspension

:: Britain will introduce postponed accounting for import VAT on goods brought into the UK if it leaves the EU without a deal

:: There is currently no intention to immediately change classification of imports if a no-deal Brexit occurs

:: Declarations will be needed when EU goods enter the UK or when UK goods leave for the EU

:: The carrier of goods would also need safety and security declarations to move goods

:: Britain will create a subsidy control framework to ensure the continuing control of anti-competitive subsidies in a no-deal scenario

:: UK intends to continue offering unilateral trade preferences to developing countries

NUCLEAR

:: All operators in the UK civil nuclear sector will need to comply with a new safeguards regime

:: A new domestic nuclear safeguards regime will come into force and be run by the Office for Nuclear Regulation

:: Euratom ownership of special fissure material in the UK will end and operators will have full ownership

STATE AID

:: EU state aid rules will be transposed into UK law, mirroring existing block exemptions as allowed under the current rules