Brexit round-up: exporters could face £6 billion in extra costs
24th February 2017
Here’s a round-up of the top brexit-related stories this week.
No trade deal could mean £6 billion in extra exporting costs
Leaving the EU without a trade deal in place could leave exporters with £6 billion a year of extra costs, according to analysis by the Guardian.
The analysis is based on a scenario where the UK leaves the EU and falls back on World Trade Organisation (WTO) rules ahead of a new free trade agreement.
According to international trade figures, $204 billion worth of British goods exported to Europe each year could face up to $7.6 billion in new tariffs under current rules.
However exporters remain optimistic ahead of Article 50 with businesses in both manufacturing and services confident in improving turnover over the next 12 months.
According to British Chambers of Commerce (BCC) in partnership with DHL, trade documentation fell by 1.42% in Q4 2016. The index now stands at 119.5, up 4.81% on Q4 2015.
Dr Adam Marshall, director general at BCC, said:
“The chancellor’s Budget must focus on cutting the up-front costs that government imposes on every business, and promote investment and exports.”
Net migration falls
The UK’s net migration fell by 49,000 to 273,000 3 months after the EU referendum result, according to Office for National Statistics.
Figures show that immigration fell by 23,000 to 596,000 in the 12 months to September while emigration rose by 26,000 to 323,0000.
Carolyn Fairbairn, director general at the Confederation of British Industry, said:
“The vast majority of people come to the UK to work, which benefits our economy. Any new immigration model must ensure those benefits continue, but that they are felt more evenly across the country.
“A new industrial strategy that delivers for people in all regions and nations of the UK, coupled with reform of public services, will help achieve this.”
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