UK exports to the EU is likely to drop by another 8 per cent as Finland, Luxembourg, Portugal and Greece benefits…
Former Luxembourg Prime Minister and former EU Commission Brexit could reduce the UK’s exports to the EU by 8 per cent by 2025, according to new analysis…
This is largely because smaller EU countries are benefiting from Britain’s departure from the European Union, according to the report by City broker IG Group, which evaluated export data to determine the impact of Brexit on international trade and to show areas of potential growth…
The top three countries that benefited from Brexit were Finland, Luxembourg, and Portugal….
Other countries that benefited from the vacuum left by the UK after Brexit included Ireland, Croatia, Greece, Lithuania, and Cyprus. The highest proportional increases occur in locations where trade was smaller to begin with, the firm found….
For example, in Finland, exports of aircraft, spacecraft and parts thereof beat estimates by 11,715.28 per cent, at €102.71m instead of its predicted €0.87m….
Meanwhile, Luxembourg’s actual figures for exports show an increase of 2018 per cent above estimates, at €16.38m instead of €0.77m….
British Trade with Ireland takes a £3bn Brexit hit as UK exports drop by more than a fifth in less than a year….
The City analysts gathered export data from the UK, countries from the EU, and some additional selected countries, to identify trends stemming from the impact of various factors that occurred during 2020….
The team evaluated the UK’s main exports prior to Brexit, such as precious metals, vehicles, and pharmaceutical products, alongside the top exporters of the same products in the EU and Singapore to understand which countries were able to increase exports….
City-based Chris Beauchamp, IG’s chief market analyst at IG Group, said that “the UK’s vote to leave the EU in 2016 represented a huge leap into the unknown.”…
EU to UK trade: more red tape
Meanwhile, any British businesses may “give up importing and exporting” as a result of new strict rules that came into force on 1 January…
With the introduction of new barriers to trade with the bloc….
businesses may decide it “is simply not worth the hassle”…
One in three UK business owners fear their company won’t exist anymore in a year as Brexit onslaught intensifies…
The changes mean that importers must make a full customs declaration on goods entering the UK from the EU or other countries. Traders are no longer able to delay completing full import customs declarations for up to 175 days, a measure that was introduced to cope with the disruption of Brexit….
There are separate provisions in place for trade with the island of Ireland….
“The Federation of Small Businesses reckon that only about a quarter of their members are ready for this…
Officials say,
“There will be teething problems… but the big question is, how many businesses ultimately think: ‘Do you know what? This is just too much hassle’, and give up importing? Just as some businesses have already given up exporting because it’s not worth it.”…He added: “Businesses exporting to the EU from the UK have already faced these rules, obviously, for the best part of a year. So it’s now going to be those businesses in the UK that import from the EU (that) have got to deal with this, essentially, new Brexit bureaucracy.”…
Rules on country of origin documents have also become stricter, with declarations needing to be made when goods arrive….. This will be “really complicated” for certain products that “contain lots of different bits or ingredients”…
Please Check out our other Videos as YouTube does not always send out NOTIFICATIONS
SUPPORT US HERE:
BUY ME A COFFEE
PATREON
With your support, I won’t add mid-roll adverts
SUPPORT US HERE:
BUY ME A COFFEE
PATREON
Follow us Here:
TicTok @allshortsexposed
Twitter
Wallybois Woodworking Channel
Wallybois Woodworking Site
Website will all videos:
COOL T-SHIRTS and other Merchandise on Teespring
GO BACK. BREXIT IS F*CKED UP!
I PUT THE CROSS IN THE RIGHT BOX (DARK T-SHIRTS)
be to reduce it by about 4% in the medium term…..
That’s because trade between the UK and the EU will be a lot less free than it was when we were in the single market.”….
source