The outcome of the UK’s exit from the EU is still far from certain, despite the fact that the current deadline is less than two weeks away.

Although the UK’s parliament voted this month to avoid a no-deal Brexit at all costs, there are still concerns that the country could crash out of the EU on 29 March if the other 27 member states refuse to grant an extension to Article 50 and the prime minister is unable to push through a deal.

ICIS noted that, should this be the case, companies that provide mineral processing and other chemical manufacturing services could struggle to compete on a global scale.

This is because the government announced earlier this month that it would introduce tariffs of 0.1 per cent for all chemicals and polymers in the EU. However, under rules set out by the World Trade Organisation (WTO), the UK would not be able to limit these low tariffs just to EU members. It would have to offer them to all trading partners.

As a result, many chemical manufacturers could struggle to stay in business as they would lose the protection currently afforded to them by tariffs of up to 6.5 per cent.

Speaking to the news provider, chairman of consultancy Ready for Brexit Paul Hodges explained that the difficulties lie in the fact that we’ll be moving from a simple system to a highly complex one when we leave the EU and single market.

“We are moving to a completely new world under WTO, which won’t necessarily give any protection to domestic producers,” he asserted.

Last month, the Guardian revealed that many British manufacturing firms have started stockpiling raw materials due to worries over supply and increased charges when the country leaves the EU.