Britain misses export targets due to Brexit How WEF influencers represent Switzerland

According to a newspaper report, Britain will significantly miss its export targets as a result of Brexit. UK exports will not be worth £1 trillion by 2035 at the earliest, The Guardian reported Monday, citing statements by Secretary of State Andrew Bowie.

Former Prime Minister Boris Johnson announced in 2021 that this goal would be achieved by 2030. Originally, in 2012, then Prime Minister David Cameron even promised 2020 as a date – but that was well before the 2016 Brexit referendum.

If the current trend continues, the value of exports will drop from £739bn last year to £707bn next year and rise again to £725bn in 2027, the Guardian quoted an estimate from the Office for Budget Responsibility regulator.

External shocks responsible

Secretary of State Bowie blamed “external shocks” such as falling global demand, fluctuating exchange rates and high inflation for the weak data. He did not mention Brexit – unlike business representatives. According to the Federation of Small Entrepreneurs, one in eight exporters has temporarily or permanently stopped selling to the EU due to Brexit, and another tenth are considering doing so.

The UK is no longer a member of the EU Customs Union and Internal Market since January 2021. Brexit supporters have argued that leaving the EU will allow the UK to negotiate its own trade deals, which are much more beneficial. However, so far this has not been successful. The treaties that have been renegotiated so far, for example with Australia or New Zealand, do not come close to compensating for the serious losses in foreign trade with the EU. The hoped-for free trade agreement with the US is still a long way off. (saw/sda/awp/dpa)