Brexit Statement

 

Somerset Solders Ltd is a distributor of solders, tools, clothing and consumables to the Electronics Industry and as part of that supply chain, it is our aim to minimize the effect that Brexit will have on our customers to the best of our capability.

Somerset Solders Ltd imports and exports some products from mainland Europe and non-EU Countries.

No Deal Brexit

If this scenario does actually manifest on the 29th March 2019, the UK will then be outside the EU Customs Union. This will mean that customs declarations and safety and security declarations will need to be completed for businesses trading with the EU. With our withdrawal, this will mean that free circulation of goods between the UK and the EU will cease and the same tariffs will apply as those already in place for trade with WTO (World Trade Organization) members. The government will determine and publish the new duty rates prior to leaving the EU.

Our Action

Where it is feasible to do so, we are optimising stock levels to mitigate risk in the event of custom clearance delays. Transport companies, which currently ship our goods in and out of the UK, are already EU registered. If additional costs related to tariffs and duties do arise then this may have an impact on our prices that we may have to pass on. This will also apply to exchange rate movement if there is a ‘No Deal’ outcome.

Conclusion

Economic uncertainty is something few of us crave for but within business, we must face these challenges. We will continue to monitor and review the situation as things develop.

Signed on behalf of Somerset Solders Ltd:

 Mark A. Day (Director)

 Date: 18th February 2019