"Around half of the fiscal hole, and the political instability that comes with that, is down to Brexit," John Springford of the Centre for European Reform.
Ellie Newis reviews two of the flagship free trade agreements that were supposed to reignite the UK economy.
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.
A trade collapse with the EU shows that the damage will linger on far longer than Liz Truss did.
NEW research has further shed light on the negative impact Brexit is having on UK trade.
A new report from the Economic and Social Research Institute (ESRI) shows that trade between the UK and the EU has declined since Brexit.
Brexit resulted in a “substantial negative impact” for trade in both directions between the European Union and the UK, according to Ireland’s Economic and Social Research Institute.
Trade from the UK to the EU is down 16% on the levels anticipated if Brexit had not happened, research has found.
The Economic and Social Research Institute estimates that Brexit has led to a 45% reduction in goods imports coming from the UK to Ireland.
The Economic and Social Research Institute says the economic impact of Brexit on Ireland will be considerable in either a deal or no-deal scenario, with a cost to output this year of between €1.8bn and €7.5bn.