{"id":75709,"date":"2022-12-21T22:38:05","date_gmt":"2022-12-21T22:38:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/12\/21\/firms-banging-heads-against-wall-over-post-brexit-trade\/"},"modified":"2022-12-21T22:38:05","modified_gmt":"2022-12-21T22:38:05","slug":"firms-banging-heads-against-wall-over-post-brexit-trade","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/12\/21\/firms-banging-heads-against-wall-over-post-brexit-trade\/","title":{"rendered":"Firms ‘banging heads against wall’ over post-Brexit trade"},"content":{"rendered":"
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Companies are \u201cbanging their heads against the wall\u201d two years after post-Brexit trading began, according to a new report.<\/b><\/p>\n<\/div>\n

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The British Chambers of Commerce (BCC) said companies were still struggling with EU trade deals and more red tape.<\/p>\n<\/div>\n

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A separate report by the Center for European Reform suggests that Brexit may have reduced UK trade by around 7%.<\/p>\n<\/div>\n

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But the government said Brexit “opens up new opportunities for British companies”.<\/p>\n<\/div>\n

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The Trade and Cooperation Agreement, struck late on Christmas Eve 2020, meant that post-Brexit goods and services could continue to flow between the UK and the EU without tariffs. <\/p>\n<\/div>\n

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The British Chambers of Commerce (BCC) surveyed 1,168 companies and 514 said they traded abroad or were otherwise affected by the agreement.<\/p>\n<\/div>\n

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More than half of these companies said they are struggling with the new regulations, meaning they have to deal with new forms, controls or other processes.<\/p>\n<\/div>\n

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A retailer in Ayrshire said leaving the EU had “made us uncompetitive to our EU customers”. The retailer had to establish a base in the EU or it would have lost its EU trade.<\/p>\n<\/div>\n

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“This has cost our company a huge amount of money which could have been invested in the UK had it not been for Brexit,” the retailer said.<\/p>\n<\/div>\n

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A manufacturer in Dorset, meanwhile, said even importing parts to repair machines had been a “nightmare”.<\/p>\n<\/div>\n

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“Brexit was the biggest bureaucracy for companies to date,” it said.<\/p>\n<\/div>\n

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As businesses face the prospect of a likely recession, the BCC is urging the government to “have an honest dialogue about how we can improve our trade relationship with the EU” and strive to cut red tape even before that Agreement will be reviewed in 2026. <\/p>\n<\/div>\n

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She has made 24 recommendations – including speedy agreement on the future of the Northern Ireland Protocol, the rules governing trade in Ireland.<\/p>\n<\/div>\n

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The associated political uncertainty has deterred investment in the UK, according to some economists.<\/p>\n<\/div>\n

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Meanwhile, the Center for European Reform said Brexit-related changes may have reduced UK trade by up to 7% this summer – and hurt investment even more: it means the UK’s economic output has fallen by 5.5% less than usual.<\/p>\n<\/div>\n

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That’s a larger impact than anticipated by the government’s official forecaster, the Office for Budget Responsibility (OBR), which announced a 4% drop in productivity.<\/p>\n<\/div>\n

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In March, however, the OBR forecast that imports and exports would fall by 15% over the long term and that new trade deals with the rest of the world would not significantly change trade volumes.<\/p>\n<\/div>\n

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Businesses trading across UK borders have faced a triple hit in recent years: pandemic-related lockdowns around the world, a cost-of-living crisis exacerbated by the aftermath of the war in Ukraine, and a Change in trade agreements with our largest partner, the EU. It was difficult to disentangle the implications of Brexit. <\/p>\n<\/div>\n

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However, the BCC report highlights that the additional formalities, including paperwork and controls, pose costly problems for some businesses.<\/p>\n<\/div>\n

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A previous study by researchers from the London School of Economics found that the range of export goods sent to the EU has shrunk, suggesting that the extra red tape may have discouraged some smaller companies from exporting altogether.<\/p>\n<\/div>\n

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It has also been claimed that the cost of food from the EU has been rising faster than that from other countries, driving up food bills. <\/p>\n<\/div>\n

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Economists are divided over the economic impact of Brexit.<\/p>\n<\/div>\n

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But most would agree that the UK has failed to realize the macroeconomic benefits of leaving the EU – not yet.<\/p>\n<\/div>\n

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John Springfield, deputy director of the Center for European Reform, said Brexit in the second quarter of 2022 meant the economy was \u00a333 billion smaller than it would have been if the UK had voted to remain.<\/p>\n<\/div>\n

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He added that Brexit’s choking impact on the economy meant the government had to raise taxes to find an extra \u00a340bn to fund public services.<\/p>\n<\/div>\n

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Other economists dispute these numbers, saying the pandemic and cost-of-living crisis, exacerbated by the aftermath of the war in Ukraine, have made assessing the impact of Brexit problematic.<\/p>\n<\/div>\n

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The Government said the Brexit trade deal was “the world’s largest free trade deal with no tariffs and no quotas”.<\/p>\n<\/div>\n

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A spokesman said the deal “opens up new opportunities for British companies around the world”.<\/p>\n<\/div>\n

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“Despite difficult global economic headwinds, UK-EU trade is recovering, with the latest data showing UK trade with both EU and non-EU countries is above pre-Covid levels,” it added the speaker added.<\/p>\n<\/div>\n

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The government said it had given exporters “hands-on support” on post-Brexit trade deals.<\/p>\n<\/div>\n

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“We’ve also removed 400 trade barriers in 70 countries in the last two years, tariffs on $30 billion worth of goods<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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