London, Sept 23 (Alliance News): Brexit is causing “profound and ongoing stifling effects” on trade between the United Kingdom and the European Union, according to a report from Aston University.
The study reveals that UK exports of goods to the EU were 17% lower between 2021 and 2023 than they would have been if Brexit hadn’t occurred.
The report highlights the growing economic challenges posed by Brexit, showing more pronounced trade declines in 2023 than in previous years. The research also notes that small businesses, particularly in food and clothing, are among the hardest hit due to increased costs and red tape.
Researchers warn that without sector-specific agreements and streamlined customs procedures, the UK’s economic position may continue to weaken. The UK government, however, has ruled out rejoining the EU single market or customs union.
Despite the decline in goods exports, UK services exports to the EU have reached a record £172 billion ($227 billion) over the 12 months to March.
