A Landmark Report Unveils a Stellar Rise in UK Trade, Challenging the Brexit Doubters
In an era where naysayers predicted economic turmoil post-Brexit, a landmark report reveals a narrative of triumph. Kemi Badenoch, the Business and Trade Secretary, spotlights the UK’s trade resilience as exports to both EU and non-EU countries have surged since departing from the EU.
The report by the Institute of Economic Affairs paints an optimistic picture, with goods exports rising by 13.5% to EU countries and 14.3% to non-EU nations between 2019 and 2022. Even more impressive is the growth in services exports: 14.8% to EU countries and a whopping 22.1% to non-EU nations.
This data is a testament to the UK’s free trade principles and its ability to thrive independently. Badenoch is set to sign a colossal £1 trillion trade deal with Florida, an economic powerhouse, and engage in trade talks with Turkey. Such moves reinforce the UK’s ambitious target of securing £1 trillion of exports by 2030.
Moreover, joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) signifies the UK’s most significant post-Brexit deal, marking a new era of global trade relationships.
Badenoch’s speech at International Trade Week’s launch event is expected to be a clarion call, asserting that Brexit has not damaged the UK economy as critics claimed. Instead, the UK’s trade with EU countries has remained consistent with its trade with non-EU countries.
Official figures reaffirm that goods exports are back to pre-Brexit and pre-Covid levels, and the UK’s growth is outpacing Germany and France. With a booming tech sector and a manufacturing industry that has surpassed France, the UK is demonstrating its economic vitality.
This narrative challenges the gloomy forecasts by the Office for Budget Responsibility, which predicted a 15% drop in trade volumes post-Brexit. Instead, the real-world trade data depict a resilient UK, disproving the entrenched belief that Brexit has harmed UK trade.
Report author Catherine McBride emphasises that, despite various challenges like the pandemic and rising energy prices, there’s no evidence of adverse Brexit effects on trade. The resilience in UK-EU trade can be attributed to the 2020 tariff-free and quota-free Trade and Co-operation Agreement.
Opportunities abound with countries outside the EU, thanks to deals with Australia, New Zealand, ongoing negotiations with India, and the Gulf Co-operation Council, among others. McBride’s analysis firmly debunks the myth that Brexit has been detrimental to UK trade, showcasing the UK’s robust trade performance in the post-Brexit era. Story Source