Recent data showed that British trade lost 12.6 billion pounds during the month of October, equivalent to 16.7 billion dollars, as a result of Brexit.
The decline in UK exports and imports amounts to a 15.7% decrease in October alone, according to the Centre for European Reform, who directly linked the decrease to the UK’s exit from the EU.
The report echoes serious concerns, amid yet another recent report from the UK Food and Drink Federation (FDF), which announced this week that food industry confidence fell by 55% in Q3 2021, dropping to 51%.
This is the lowest net confidence rate since the height of the pandemic in Q2 2020 and the biggest drop in confidence since the FDF first began reporting in 2018.
Severe supply chain disruptions were named the biggest cause for concern, particularly the transportation of goods with 93% experiencing delayed or missed outgoing deliveries and 75% reporting delayed or missed incoming deliveries.
Although Britain and the EU signed a free trade agreement after Brexit, British goods are now subjected to inspection and various administrative procedures before entering the European Union market, which severely hinders British trade.
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