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UK factories blame Brexit barriers for 16 consecutive months of export decline | Brexit

UK factories blame Brexit barriers for 16 consecutive months of export decline |  Brexit

 


UK factories have reported a decline in exports for the 16th month in a row, and manufacturers have warned of hurdles to trade and weakening business ties with continental companies following the exit from the European Union.

The findings come as former US Treasury Secretary Larry Summers said Brexit would be remembered as a historic economic error that helped damage the UK economy and drive up inflation.

According to the S&P Global/CIPS Purchasing Managers’ Index (PMI), the manufacturing sector contracted for the 10th month in a row in May due to a steady decline in exports over the past 16 months.

Exporters blamed factors such as lost orders to the US and mainland Europe, customs barriers involved in exporting goods from the UK, and a growing number of EU customers turning to more local sourcing to avoid paperwork and delays.

S&P spokesperson Rob Dobson said:

These factors are also driving a broad decline in international demand due to reported order losses in the US and mainland Europe. The contraction in export demand is also exacerbated by some EU customers turning to more local sourcing to avoid post-Brexit trade complications.

The PMI reading fell to a four-month low of 47.1 from 47.8 in April. Numbers above 50 indicate expansion.

Make UK, a manufacturer lobby group, said exporters lacked government support.

Strong domestic manufacturing policies in the US and the EU could help manufacturers see their chances of expanding exports to the UK’s biggest trading partner in manufactured goods diminish, he said.

Their comments highlighted Summers’ criticism earlier in the day. He cited Britain’s exit from the EU as a factor in the higher costs and criticized Britain’s economic policy for years as being significantly flawed.

Summers told BBC Radio 4’s Today program that Brexit made the UK economy less competitive, putting downward pressure on the pound and upward pressure on prices, limiting imports of goods and in some ways restricting the supply of labor.

All of this has contributed to higher inflation, he added.

Official figures last week showed that inflation in the UK remains stubbornly high at 8.7% as households are under pressure from the fastest annual food price rise since the late 1970s. US consumer price growth has slowed in recent months, bringing the annual inflation rate down to 4.9% in April.

In his cold-hearted criticism of British economic management, Summers spared the Bank of England. He blamed central banks for inflation, saying it was bolstered by very misjudged monetary policy that was practically too inflationary for too long.

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When asked if it was right for banks to keep raising rates to combat persistently high inflation, Summers said he believes this is the right path, even if he doesn’t like it.

He drew lessons from experiences we all have had and likened them to curing disease. It is generally better to take the entire drug when first prescribed, even if the drug itself is not very pleasant when prescribed and may have some side effects. stop taking medicine early and hope [sic] recurrence of the underlying infection.

According to a recent report, British households have paid $7 billion post-Brexit to cover the additional cost of trade barriers to food imports from the EU.

Researchers from the London School of Economics (LSE) estimated the impact of exit from the bloc on UK food prices and found that trade barriers continued to hamper imports, pushing out bills by an average of $250.

Recent data show that the UK has the highest food inflation rate in the developed world. LSE researchers calculated UK food prices have jumped 25 per cent since 2019, but that would have been only 17 per cent lower without post-Brexit trade restrictions, or nearly a third lower.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/politics/2023/jun/01/brexit-historic-economic-error-larry-summers-former-us-treasury-secretary

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