Latest UK trade figures show how catastrophic Brexit has been

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How is Brexit going?

Well, according to the Netherlands Bureau for Economic Policy Analysis, UK goods exports fell 14% in the three months to January compared to the same period in 2020 before the pandemic, the FinancialTimes reported.

This contrasts sharply with the global average of an 8.2% increase over the same period.

The data, which incorporates data from the Office for National Statistics for the UK, also showed that Britain compared poorly with the performance of all advanced countries where exports of goods increased by 5%.

“While most other advanced economies have seen a strong recovery in trade, UK exports remain below pre-pandemic levels,” said Jonathan Portes, professor of economics at King’s College London.

The Office for Budget Responsibility also warned that UK trade “has lagged behind the domestic economic recovery” and has “missed much of the recovery in global trade”. . . suggesting that Brexit may have been a factor”.

As a result, the UK has become a less trade-intensive economy, which is expected to lose 4% of its productivity over the next 15 years, he added.

The OBR noted that “none of the new free trade agreements or other regulatory changes announced so far would be enough” to have a significant impact on its forecast for UK trade.

He estimated that leaving the EU would cause the UK’s total imports and exports to fall by 15% compared to if Britain had remained a member of the EU.

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