Reduced trade between the UK and the EU will spur a rewrite of rules after Brexit, says IPPR | trade policy

The slump in trade with the EU will force ministers to step up negotiations on a fundamental rewrite of post-Brexit rules to bring the UK and Brussels more closely aligned, a centre-left think tank said.

President Donald Trump's arrival at the White House next week should encourage the government to take the lead in negotiating a trade deal with the US to support UK export growth, the Institute for Public Policy Research (IPPR) said.

In a report revealing the full extent of the UK's decline in trading status inherited by the Labor government, IPPR said ministers should consider a wide range of measures to deliver for industries including energy, defence, food, communications, healthcare and pharmaceuticals. Increases your chances of selling your products and services abroad.

The report said Britain's trade policy had been confused and rudderless since the 2016 Brexit vote, adding that efforts to strike mini-deals with non-EU countries were progressing well after leaving the EU's single market and customs union in 2021. .

The report said the UK's exports of goods to the EU are estimated to fall by 27% between 2021 and 2023 compared to remaining in the European Free Trade Area, while imports of EU goods into the UK are estimated to fall by 32%.

Meanwhile, other G7 countries, including the United States, Japan, France, and Italy, enjoyed strong trade. The UK saw its total trade in goods fall by 10% between 2019 and the end of 2023. Figures from 2019 to the end of the third quarter of 2023 show that other G7 countries saw an average increase of 5%.

Trump's inauguration next week could usher in a series of restrictive policies from Washington that will mark a turning point in global trade policy. The incoming U.S. president has said he wants to increase U.S. consumers' costs on imports he claims would benefit from subsidies. China is his main target, but companies based in the EU and UK could also be hit with tariffs levied by US Customs that would be passed on to consumers.

Among the policy changes, IPPR is recommending a reduction in UK tariffs on imports that support achieving net zero targets, while also seeking tariff reductions through agreements with key trading partners, including India and the United States. Report author Marley Morris said even a small deal with the US could be beneficial and allow Britain to avoid Trump's new tariff regime.

To ease the fallout from Brexit, ministers should negotiate a veterinary agreement with the EU to reduce inspections of food crossing the Channel. According to recent research, this could increase UK agri-food exports to the EU by up to 22.5%, the report said.

Ministers should also seek a Mutual Recognition Agreement (MRA) with the EU to show that products made in the UK comply with standards set in Brussels. It should also attempt to link the UK and EU systems for emissions trading to avoid the EU's carbon border adjustment mechanism, which imposes levies on importers to reflect the carbon intensity of specific goods.

Skip past newsletter promotions

Join our business today

Get ready for your work day. All the business news and analysis you need every morning.

Privacy Policy: Our newsletter may contain information about charities, online advertising and externally funded content. Please see our privacy policy for more details. We use Google reCaptcha to secure our website, which is subject to the Google Privacy Policy and Terms of Service.

After newsletter promotion

Morris, deputy director of IPPR, said: With Donald Trump's inauguration just days away and the government planning a reset with the EU, the time is ripe to set out a new trade strategy for the UK.

The challenges are clear: declining commodity exports, damaged barriers to the EU and a turbulent global economic environment. But the new strategy will help develop new export support programs, rebuild the UK-EU trading relationship and modernize our approach to trade agreements.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos