Penny Mordaunt discusses post-Brexit UK-US trade deal
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Research by the Centre for Economic Performance at the London School of Economics found that imports from the EU declined by 25% as Britain stepped up trading with the rest of the world.
But goods being exported by British companies to EU consumers avoided a hit, with only a smaller and temporary drop seen.
According to the report, the biggest Brexit impacts may have been felt across smaller-scale trade links with the Continent, with a “sharp drop” in the number of trade relationships between EU importers and UK exporters.
This, according to the economists, could be a reflection of “temporary changes as firms adjust to the new trading environment”.
It comes as the Prime Minister plans to delay new checks on products entering Britain from the EU to ensure “businesses of all sizes have the support they need to trade effectively with Europe”.
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Major shock as EU imports fall by a quarter
Post-exit trade agreements with the EU have fallen 25 percent in imports in the first year.
The Centre for Economic Performance (CEP) at the London School of Economics and Political Science found the fall in their most comprehensive study since Brexit.
The study did find, however, that exports to the bloc avoided such a dramatic fall, with a smaller and temporary drop.
It said trading was hit with a “substantial reorientation” after the introduction of the UK-EU Yrade and Cooperation Agreement at the start of 2021.
It described the shift as a “major shock”.
Good morning I’m Francesca Edwards, I’ll be bringing you all the latest developments on Brexit for the next eight hours. Please feel free to get in touch with me as I work if you have a story or tips to share! Your thoughts are always welcome.
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