Brexit Costs UK £11.7 Billion in Lost Exports
Brexit has cost the UK £11.7 billion each year in lost exports, according to a report by Logistics UK. This loss amounts to £400 per household annually compared to 2019. The organization, which represents freight companies, noted that the drop in trade is a major issue for the economy. This has led to calls for the UK to rejoin the EU’s single market and customs union.
Logistics UK reported that since the 2016 referendum, UK goods exports by tonnage have fallen by 20.7%. Exports to the EU have decreased by 15.9%. In contrast, exports to non-EU countries have dropped by 37.2%. James Mills, head of trade at Logistics UK, said, "Greater trade matters because it is closely linked to productivity. It gives businesses access to larger markets, encourages investment and allows successful firms to specialise and grow. Yet Britain’s recent performance points in the wrong direction."
These findings align with a survey by the European Movement UK. The survey showed that 72.8% of firms believe Brexit has harmed their businesses. Additionally, 96.4% reported negative effects on their communities. Furthermore, 98.2% expressed a wish for the UK to rejoin the EU’s single market. Despite this, Labour leader Keir Starmer has kept a stance against rejoining. This has disappointed many within his party who support the idea.
Related coverage: UK Government Reports £1.8 Billion Deficit in July 2023.
The drop in exports could impact sectors that rely on trade with the EU, especially logistics and manufacturing. Companies may face higher costs and lower competitiveness due to ongoing trade barriers. Investors will be looking for any changes in government policy regarding EU relations. This is especially true given the growing pressure from business groups to align with EU standards.
Based on reporting by: independent.co.uk