Brexit led to 14% fall in UK exports to EU in 2021, trade figures say & More News Here

Evidence of the destructive affect of Brexit on the UK’s trade with the European Union is beginning to emerge with EU knowledge exhibiting that exports to the bloc declined by almost 14% in 2021 in contrast with 2020, a senior official in Brussels has mentioned.

Maroš Šefčovič, the European Commission vice-president and Brexit negotiator, mentioned that even with the affect of the pandemic being taken into consideration, the rise in crimson tape for the reason that transition interval ended in January 2021 has taken its toll on trade in items and providers with the UK.

“One result of Brexit was the return of a customs border between the EU and Great Britain. This means paperwork for virtually every product shipping between our markets. It means checks on thousands of goods being carried out on a daily basis.

“Brexit has increased red tape, not decreased it. It is no longer as frictionless and dynamic as before. This holds true for both goods and services,” he mentioned.

The UK’s resolution to select a tough Brexit with the departure from the one market resulted in the lack of 4 freedoms to trade – in labour, capital, items and providers.

Eurostat figures put imports to the EU from the UK falling from €169bn (£144bn) in 2020 to €146bn in 2021 – a drop of 13.6%.

When 2021 is in contrast with 2019, the drop is 25%.

Eurostat figures present providers, additionally impacted by Brexit, fell by 7% in 2021 in contrast with 2019. This class consists of every part from monetary providers to skilled providers resembling structure, advertising and accounting.

Šefčovič’s feedback come simply days after the previous Brexit minister Lord Frost mentioned that anybody who says the departure from the bloc had hit the financial system and trade had an “axe to grind”.

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He advised a convention that knowledge utilized by the Office for Budget Responsibility predicting Britain’s gross home product could be 4% decrease than had it stayed in the EU had been “zombie figures” based mostly on research of post-communist international locations.

Since the top of the transition interval in January 2021, all items exported to the EU should be accompanied by a plethora of paperwork documenting compliance with EU requirements, as Britain is being handled as any “third country” resembling India, Australia or the US attempting to promote into the one market.

Northern Ireland is exempted from the paperwork necessities due to the particular preparations in the protocol permitting it to proceed to trade with the EU as if it remained a member state.

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