Economists have expressed concern over the impact of Brexit on UK-EU trade, with British businesses struggling to deal with post-Brexit red tape. According to the latest report of the Aston University Business School, the UK stock exchange has lost a lot, which is, moreover, an improvement.
Research shows that within three years after the Brexit trade deal was reached in 2020, exports fell by 27%, while import prices fell by 32% compared to pre-Brexit forecasts. In addition, the decline was particularly high in certain industries, namely, agriculture, clothing and paper manufacturing. The most impressive change is the reduction in export rates of edible fruits and nuts by 73.5%.
Despite the increase in exports of tobacco, railway equipment, and aircraft goods, the total range of British products exported to the EU decreased by 1,645 types across all member states. The report made no mention of services, which have performed better than expected since Brexit. The authors of the report noted a significant decrease in trade in 2023, which is explained by increased post-Brexit trade requirements, including safety inspections and labeling. Jun Du noted that while they talked about consumer safety and the environment, they added huge costs and difficulties to businesses.
This is too much for some. But management jobs are not bad, and one learns to deal with them,” concludes Mary Quicke, a cheesemaker from Devon.
In response, a government spokesman acknowledged that there were trade issues but insisted that the focus on improving trade relations with the EU overruled the decision to return to the single market or customs union. Business leaders began talks this month aimed at “resetting” the UK-EU trade relationship with a focus on economic security, although major progress is only expected after 2024.