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Monday, February 6, 2023

Execute: Report: UK misses export targets due to Brexit

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Disillusionment on the island: According to a media report, Great Britain will clearly miss its export targets. “External shocks” are responsible for the weak numbers, it said.

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According to a newspaper report, the UK will clearly miss its export targets because of Brexit. The value of exports from the United Kingdom will reach one trillion pounds (1.14 trillion euros) by 2035 at the earliest, the Guardian reported, citing statements by Secretary of State Andrew Bowie. Former Prime Minister Boris Johnson announced in 2021 that this goal would be achieved by 2030. Originally, in 2012, the then Prime Minister David Cameron had even promised 2020 as a date – but that was long before the 2016 Brexit referendum.

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If the current trend continues, the value of exports will fall from £739 billion last year to £707 billion next year and rise again to £725 billion by 2027, the Guardian quoted an estimate by the Office for Budget Responsibility regulator .

Secretary of State Bowie blamed “external shocks” such as falling global demand, fluctuating exchange rates and high inflation for the weak figures. He did not mention Brexit – in contrast to business representatives. According to the Federation of Small Businesses, one in eight exporters has temporarily or permanently stopped selling to the EU because of Brexit, and another tenth are considering doing so.

As of January 2021, the UK is no longer a member of the EU Customs Union and Single Market. Brexit supporters have argued that leaving the EU will allow Britain to negotiate its own trade deals, which are far more beneficial. So far, however, this has not been successful. The treaties that have been renegotiated to date, for example with Australia or New Zealand, do not come close to offsetting the serious losses in foreign trade with the EU. The hoped-for free trade agreement with the USA is a long way off.

Source: Stern

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