Brexit leaves UK-EU trade unaffected

Brexit leaves UK-EU trade unaffected

EU and UK flags (Photo: Lieven Creemers/CE)

The United Kingdom’s exit from the European Union (EU), known as Brexit, has not harmed trade between the country and the region, the Institute for Economic Affairs (IEA) said in a report on Monday.

“The UK’s trading patterns with the EU have not shown a Brexit effect, generally since the referendum or at the end of the transition period,” the agency said.

Before and after Brexit, between 2019 and 2022, UK goods exports to EU countries increased by 13.5% and to non-EU countries by 14.3%.

Over the same period, UK services exports increased by 14.8% to EU countries and 22.1% to non-EU countries.

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The UK’s trading patterns have also remained unchanged since Brexit compared to other G7 countries, the IEA said.

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Real-world trade data paints a starkly different picture to that of the Office for Budget Responsibility (OBR), which said Brexit barriers would cause a 15% drop in trade volumes, contributing 4% to GDP in the long run.

“Although the data is still emerging and the long-term effects are still unpredictable, overall there is no real difference between UK trade with EU and non-EU countries” said the report’s author, economist Catherine McBride.

He attributed the slowdown in UK trade with the EU to the Tariff-Free and Quota-Free Trade and Cooperation Agreement (TCA), signed in 2020. New regulatory and trade policy powers”, the economist said.

Xinhua Agency

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