77% of companies surveyed about the Trade and Cooperation Agreement (TCA) said the agreement did not help them increase sales or grow their business.
In other areas, too, the trade agreement – despite extensive tariff exemptions – fails to eliminate the problems caused by exiting the EU. More than half (56 percent) of mostly small and medium-sized companies said they faced difficulties in adapting to the new trade rules. Almost half (45 percent) have problems with the regulation of trade in services. 44 percent stated that they had problems in finding staff.
Adding to the problems with the trade deal, the overwhelming majority (80 percent) of the nearly 1,170 companies surveyed said they have faced higher import costs since the start of the year. More than half saw profit margins shrink, and 70 percent reported shortages of goods and services.
“Importing spare parts for broken machines or raw materials from the EU has become a huge, time-consuming nightmare for small companies, and the logistical delays caused by Brexit incur enormous costs when machines stand still while waiting for spare parts,” he said. From a producer from the East Midlands.
BCC Secretary General Shevaun Haviland urged politicians on both sides of the Channel to seek ways for freer EU-UK trade. “If we don’t do this now, Britain’s long-term competitiveness could be severely damaged,” Haviland said. she said. There are clear structural issues in the trade deal that cannot be addressed before a review scheduled for 2026. However, there are also problems that can be solved in the short term.
In a letter to the government in London, the association presented two dozen suggestions for improvement, including an additional agreement with Brussels to reduce the complexity of export regulations for small and medium-sized companies. The provisions on value added tax and visa regulations should also be simplified at the will of the BCC. The association also calls for resolution of the dispute over Brexit rules for the British state of Northern Ireland.
After a transitional phase at the beginning of 2020/21, the UK has finally left the EU internal market and the European Customs Union. Since then, trade between the former member and the EU has been regulated on the basis of the Court of Auditors.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
