Ministers say they will reclaim Britain's mantle as the world's foremost free trade champion with a radical overhaul of tariffs.

The Government has pledged to slash thousands of tariffs and strike deals with the US and other countries as the nation sets its own trade policy for the first time in almost 50 years.

The Department of International Trade (DIT) is consulting on a new post-Brexit UK Global Tariff, cutting the cost of a swathe of goods ranging from fridges to bricks, burglar alarms and some food products.

Many tariffs will fall sharply, with “nuisance” charges of less than 2.5pc cut to zero in a bid to slash costs for families and manufacturers.

International Trade Secretary Liz Truss promised radically simpler rules once the UK is free from the European Union's tariff system.

This will replace the EU’s Common External Tariff, which has long been criticised for its complexity and protectionism. For example, there are more than 13,000 different duties on 27 types of items classed as biscuits and confectionery under Brussels rules.

The plans came alongside a move to open trade talks with the US.

Ms Truss told Parliament that the UK will "drive a hard bargain" in its trade negotiations and is "prepared to walk away if that is in the national interest".

She added: "The UK has left the EU and it is time for us to look forward to our future as an independent, global champion of free trade. It is vitally important that we now move away from the complex tariff schedule imposed on us by the European Union.

"High tariffs impinge on businesses and raise costs for consumers. This is our opportunity to set our own tariff strategy that is right for UK consumers and businesses across our country.”

Special arrangements would apply to goods entering Northern Ireland, she said.

The DIT has launched a consultation on the new “most favoured nation” tariff system, which will be enforced from 2021 and will apply to goods from other countries that do not currently have a trade deal with the UK.

The Institute of Economic Affairs (IEA), a Westminster think tank which endorses free markets, expects households to make savings potentially amounting to billions of pounds as a result of lower taxes as the initial levy on goods cuts prices, and the economy responds to the injection of competition.

Julian Jessop, an economics fellow at the IEA, said: "The impact could increase over time as competition grows and consumers switch to cheaper suppliers."