The UK vote to leave the European Union
Almost a week has passed since the UK voted to leave the EU. There is still much uncertainty what this will mean in the longer term, but for the immediate future nothing will change. Until a formal negotiated agreement is made things remain as they were before the vote.
This means that all our digital patterns sold on both LoveKnitting and Ravelry will continue, as before, with European VAT chargeable at the rate ruling in the European country from which they are purchased. As for our web shop again nothing changes. No VAT is chargeable and import duties remain unchanged; which essentially means zero to the other 27 member states, and dependant on the existing agreements already in place with countries outside of the EU.
How long will this remain the case?
Until a formal leave notification is made by the UK to the EU, then the countdown to formally exiting the EU cannot begin. Once that is done a two year limit is imposed on getting all agreements in place. So if things are to change this will not be in days, weeks or even months.
—————————————–
One major effect of the vote has been on the exchange rate to the British Pound. So for anyone whose home currency is not the British Pound, the amount due in their local currency will change with the market rate. Since the announcement of the leave vote, the British Pound has fallen against the dollar and Euro making purchases in non British Pound currencies cheaper at the time of writing. How the exchange rates move in future is unknown and will be subject to market forces, as they always have been.
In summary it is business as usual then. Any changes will of course be broadcast loud and clear by international media and we will make blog updates, as and when, they affect us and you.