VisitBritain confirms slowdown of visitors from EU due to Brexit uncertainty. / A Brexit pledge that Britain would “out-compete other major tourism destinations” has fallen flat, with inbound travellers’ spending falling sharply in 2018.
Britain is already heading for the worst coronavirus-induced slump of any major economy. Now fears are rising that businesses could be slammed by a second body blow this year — the failure of trade talks with the European Union.
Far from minimal disruption, the full impact of leaving the EU may take 15 years to appear.
Already we are seeing clear signs. Businesses are once again increasingly quoting Brexit as their major challenge. Exports to the EU are down.
OFFICIAL figures showing UK exports fell by more than £1 billion in August once again highlight the “devastating impact” of the Tory government’s Brexit deal, the SNP have said.
In historical terms, however, those transgressions will end up being little more than footnotes. Viewed from afar, Johnson’s greatest failing is liable to be what he hoped would be his glorious legacy: Brexit.
As self-inflicted disasters go, it ranks as one of the worst in modern economic history."
Stock has been hit over the last few years by global supply chain issues, material shortages, the EU exit and the coronavirus pandemic.
New Brexit checks introduced in January are continuing to restrict trade between the UK and EU, according to new figures from the Office of National Statistics.
Businesses are holding out hope for calmer times to come as Brexit has continued to cause disruption in supply chains.
Brexit Chickens Come Home to Roost
07/06/2022
While the picture’s hardly pretty and certainly not what advocates of Brexit envisioned, none of it surprises economists. As a former Bank of England official observed: “You run a trade war against yourself, bad things happen.”
Brexit cost UK importers £500m in August
25/10/2022
Imports from the EU fell by £500m in August, highlighting the “teething troubles” of the “post-Brexit universe”. / UK imports from the EU fell by £500m in August to reach £26bn, representing a 2% decline in value according to the Office for National Statistics (ONS). Exports to the EU also dropped in August, by £300m.
Lincoln-based insulation manufacturer and supplier, SuperFOIL Insulation, says it has lost a quarter of a million pounds revenue as a result of Brexit.
‘What the government once called teething problems have now become a chronic condition’
Exports to Ireland worst affected, official figures show.
The number of European Union nationals who are living in the UK has fallen dramatically, figures show today.
Five years on from the Brexit referendum new research by jobsite Indeed has found UK employees in the lowest paid jobs have been most negatively affected by the decision to leave the EU.
LSE researchers estimate that extra barriers on EU food imports have pushed up bills by £250 on average.
But so far, it’s not looking good: a hit to trade of this size entails big structural changes to the British economy, with capital and workers being shifted between sectors of the economy, businesses going bust, and higher prices for imports eroding living standards.
The UK economy rediscovered a reverse gear in January as renewed coronavirus lockdowns knocked output while trade suffered a Brexit hit, according to official figures.
BREXIT is making the cost of living crisis even worse after new figures revealed UK exports to the EU plunged by £20 billion last year, the SNP has warned.
Exporters forced to fill in 48 million customs declarations and 140,000 health certificates over eight-month period.
Brexit shaves off record £20bn from UK exports in one year alone with imports from EU also dropping
14/02/2022
Sales to the EU dropped more significantly in 2021 than exports to any other country in the world, the ONS data shows, as UK to EU exports nosedived 12 per cent between January and December of last year, compared to the previous year.
Scotland’s Constitution Secretary has said trade problems in the wake of the Brexit deal are “far more than teething troubles”, as he urged the UK Government to take a more co-operative approach with the EU.
Brexit, two years on – so far, so bad
31/01/2023
31 January marks the two-year anniversary of the UK’s official withdrawal from the EU. Investment Monitor examines how hard Brexit has hit the UK economy so far.