Centre for European Reform models UK trade performance

‘Brexit caused £12 billion of lost trade in October’

The Centre for European Reform (CER) has modelled the trading performance of a UK that did not leave the EU, using trade data from countries - like the US, Germany, Greece, New Zealand and Sweden - whose performance was similar to the UK’s before Brexit. It then compared this “doppelgänger” with the actual performance of UK imports and exports since January.

The CER used the latest trade data, published this morning by the Office for National Statistics, to calculate that leaving the Single Market and Customs Union reduced trade in goods in October by 15.7% or £12.6 billion.

Trade data is volatile and is frequently revised. The pandemic delivered a huge shock to UK and global trade but the deputy director of the CER, John Springford, says he’s “pretty confident” that Brexit is to blame for the slump.

Brexit has disrupted UK-EU trade
“We know that goods trade across advanced economies is now higher than it was before the pandemic, apart from in the UK and a couple of other countries who have got some other problems,” Springford stated. “So, we’re pretty sure it's not down to the pandemic that the UK is a long way behind other countries.”

The government acknowledged there would be “teething problems” when the transition ended.

Source: itv.com

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