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UK exports to the EU could decrease by an additional 8% as Finland, Luxembourg, Portugal and Greece benefit from Brexit.

 


Monday, January 17, 2022 at 10:43am

Former Luxembourgian Prime Minister Jean-Claude Juncker (left) and former European Commission President (left) waves to welcome former EU Brexit negotiator Michel Barnier in Luxembourg. (Getty Images)

Brexit could cut the UK’s EU-to-EU exports by -7.73% by 2025, according to a new analysis shared with City AM this morning.

This is mainly because small EU countries are benefiting from the UK’s exit from the European Union, according to a report by the City Broker IG Group, which assessed export data to determine Brexit’s impact on international trade and reveal potential areas of growth, according to a report by the City Broker IG Group. .

The top three countries that have benefited from Brexit are Finland, Luxembourg and Portugal.

Other countries that have benefited from the post-Brexit vacuum left by the UK are Ireland, Croatia, Greece, Lithuania and Cyprus. The highest proportional increase occurred in regions where transactions were initially smaller, the company found.

For example, exports of aircraft, spacecraft and their components from Finland were 102.71 million rather than the expected 0.87 million, an 11,715.28% better than expected.

Meanwhile, Luxembourg’s actual export figure was 1,638 million instead of 0.77 million, an increase of 2017.99% higher than expected.

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One in three UK business owners fear their company will no longer exist within a year as Brexit’s onslaught intensifies.

The company’s City analysts gathered export data from the UK, EU countries and some additional selected countries to identify trends resulting from the impact of various factors that occurred during 2020.

The research team evaluated Britain’s major exports of precious metals, automobiles and pharmaceuticals before Brexit along with the top exporters of the same product in the European Union (EU) and Singapore (Singapore) to determine which countries were able to increase their exports.

Chris Beauchamp, chief market analyst at the city-based IG Group, said this morning: “The UK vote to leave the EU in 2016 represents a huge leap into the unknown and the COVID-19 pandemic also affects international trade and borders. Made the cross-complexity an extra layer. invest.”

EU-to-UK trade: more bureaucracy

Meanwhile, a former senior official in charge of Brexit initiatives recently warned that all UK businesses could forego imports as a result of new stringent rules that came into force on 1 January.

Philip Rycroft, who served as Permanent Secretary to the Department of Departure from the European Union (DExEU) between 2017 and 2019, said the changes that took effect on 1 January could mean that some sectors will be hit harder than others. Said it would cause problems.

As new barriers to trade with the block are introduced, Rycroft says businesses can decide it’s not worth the hassle.

The change means importers will have to file a full customs declaration for goods entering the UK from the EU or other countries. For up to 175 days, a measure introduced to combat the Brexit disruption, traders will no longer be able to delay completing their full import customs declaration.

There are separate regulations for trade with the Island of Ireland.

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Monopoly: Estonia’s prime minister says he’s benefiting enormously from Brexit.

Rycroft told the BBC Radio 4s PM program that the new rules may be too much for some companies.

The Federation of Small Businesses believes that only about a quarter of its members are ready for it, which is a bit surprising in some ways, he said, as they clearly knew a lot about it coming.

let’s not forget Let’s not forget that many businesses will not be ready as most of them have had a very hot year due to the coronavirus and everything else.

Philip Rycroft

You may have dental problems, but the biggest question is how many businesses ultimately think: do you know Is this too cumbersome and give up income? As if some companies have already given up exporting because they are not worth it.

He added: Companies exporting from the UK to the EU are already facing these rules during the best time of the year. So now British companies importing from the EU have to deal with the essentially new Brexit bureaucracy.”

The rules for documentation of origin have also become slightly stricter, such as requiring goods to be declared when they arrive here.

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Strict new Brexit shipping rules force UK companies to forgo EU imports.

Rycroft said that for certain products that contain many different beets or ingredients, this would be very complicated.

When asked if the country is likely to see price increases or empty shelves, he said: I believe there is a new cost to the margins, which should ultimately be borne by the consumer.

Therefore, HMRC believes that the total cost of these new systems will be around 13 billion per year. That’s a ton of money just to spread the tokens across a large population like the UK, and the cost increase through the supply chain is negligible.

But the margin will also have some business, as I said before. (who) thinks like this: This is not worth the hassle. So there will be fewer options.”

This is why the Office (for) Budget Responsibility calculates that the net impact of this transaction on our wealth as a country will decrease by about 4% in the medium term. Because trade between the UK and the EU is much less free than it would have been if they were in a single market.

DExEU was closed in January 2020 and Brexit negotiations are now handled by the Ministry of Foreign Affairs.

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2/ https://www.cityam.com/uk-exports-to-eu-could-drop-by-another-8-per-cent-as-finland-luxembourg-portugal-and-greece-benefit-from-brexit/

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