By Mirko Hüllemann, Managing Director, Heidelberger Payment GmbH
On June 23, the British decided in their referendum that the United Kingdom should leave the European Union. Apart from its political implications and clear signal effect, the decision will also have consequences for the EU’s single market and e-commerce inside Europe. The U.K., as Europe’s biggest e-commerce market, not only offers great opportunities in terms of customers and turnover for retailers. It is also one of the most important countries in the EU in the field of financial services. Against this background, the question arises: what effects can the e-commerce industry as a whole, as well as individual retailers, now expect from the U.K’s departure from the EU?
The most obvious effect undoubtedly will be the disappearance of customs duty- and import sales tax-exempted trade between the U.K. and the EU. However, this probably will have very slight effects on the European market, since according to current studies, the British tend to shop more in the U.S., Australia and China rather than procuring their products over the Internet from their direct neighbors. What is of far more interest are any changes in the field of
By Signing up for the CNP Report you receive:
- Unlimited access to the entire CardNotPresent.com site
- Share your comments on articles and join the conversation
- Receive our CNP Report Newsletter