“External shocks” – Britain misses export targets because of Brexit

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Britain will clearly fall short of its export targets as a result of Brexit. British exports will not be worth £1 trillion by 2035 at the earliest, The Guardian reported Monday, citing statements by Foreign Secretary Andrew Bowie. Former Prime Minister Boris Johnson announced in 2021 that this goal would be achieved by 2030. The British Foreign Secretary, meanwhile, identified “external shocks” as the cause of the target’s failure to be met.

Originally, in 2012, then Prime Minister David Cameron even promised 2020 as a date – but that was well before the Brexit referendum in 2016. If current developments continue, the value of exports will rise from £739 billion last year to £707 billion . pounds in the year next year and rise again to £725 billion by 2027, the Guardian quoted an estimate from the regulator’s Office for Budget Responsibility.

State Secretary is looking for ‘external shocks’ as the cause
Secretary of State Andrew 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.

Own trade agreements did not compensate for Brexit
As of January 2021, Britain is no longer a member of the EU Customs Union and Single Market. Brexit supporters have argued that leaving the EU will allow Britain 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.

Source: Krone

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