Freight company director blames new requirement for EU transport firms to provide financial guarantees

A British freight company director with more than over 20 years experience has told how EU hauliers and transport companies are turning their backs on UK business because they are being asked to provide tens of thousands of pounds in guarantees to cover VAT or potential tariffs on arrival in Britain.

The financial guarantee requirement did not exist before Brexit and EU transport companies who previously provided a shipping service for small and medium sized companies have decided they do not want the extra financial burden, said Colin Jeffries, who runs Key Cargo International in Manchester.

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