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This paper estimates how Brexit has affected goods trade between the United Kingdom and European Union. Using product-level trade flows between the EU and all other countries in the world as a comparison group, we find a sharp decline in trade from the UK to the EU and significant but smaller reductions in trade from the EU to the UK.
The transition period ended on 31 December 2020. Since that date, trade volumes have been suppressed by the impact of COVID-19, EU exit, and wider global pressures. It may not be possible to separate out the impact of these individual elements on the UK’s trade with the EU, but it is clear that EU exit has had an impact, and that new border arrangements have added costs to business.
The introduction of a new regulatory and customs border has made it more difficult and more expensive to trade with the EU. This impacts UK firms who import and export from and to that market.
We estimate that leaving the single market and customs union had reduced UK trade by 11 per cent in March 2021. That is on top of a 10 per cent hit to trade between the referendum and leaving the single market.
The EU Goods Sub-Committee publishes its report on what the EU-UK Trade and Cooperation Agreement (TCA) means for trade in goods.
The UK meat industry employs around 97,000 people and is worth an estimated £8.2 billion a year to the UK, including about £1.6 billion in exports. / This report examines the impact of the first three months of trading with the EU as a third country.
The EU Services Sub-Committee has today published its report, Beyond Brexit: trade in services, which examines the future UK-EU relationship on trade in services.
In what follows, a group of leading social scientists explore these themes, explaining what has happened in the past, the situation the UK finds itself in now, and the issues that might confront us going forward. The collection is intended as a guide to the big questions confronting the country in the years to come.
'Yet a no deal outcome would still have profound implications for the uK. as we analyse in what follows, from trade to connectivity to foreign policy to cooperation in policing, a failure to strike an agreement with the eu will impact on us in numerous ways.'
A review of evidence about opportunities, challenges and risks to the North East economy and its key sectors with recommendations for action.
If the UK leaves the EU without a deal, the government will not be able to support all affected industries. Against a backdrop of steeply deteriorating public finances, the government will be forced into impossible choices about which businesses and industries to save. Without clear principles, the fight over subsidies will be swamped by politics.
The UK economy is 2.9 per cent smaller than it would be ... model also shows that the biggest victim of the Brexit vote has been business investment, while the weaker pound has failed to foster the big gains in exports that some Brexiters hoped for.