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Home News

Reactions as latest UK trade figures outline how catastrophic Brexit has been

"As every single serious economist argued, massively raising barriers with your main trade partner is an extraordinary act of self-harm."

Joe Mellor by Joe Mellor
2022-03-28 15:58
in News
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How is Brexit going?

Well, according to the Netherlands Bureau for Economic Policy Analysis, UK goods exports fell 14 per cent in the three months to January in comparison to the same time in 2020 pre-pandemic, the Financial Times has reported.

This was in stark contrast to the global average of an 8.2 per cent rise over the same period.

The data, which incorporates Office for National Statistics data for the UK, also showed that Britain compared poorly with the performance of all advanced countries where goods exports rose 5 per cent.

“While most other advanced economies have seen a strong recovery in trade, UK exports remain below pre-pandemic levels,” said Jonathan Portes, professor of economics at King’s College London.

The Office for Budget Responsibility has also warned that UK trade “lagged behind the domestic economic recovery” and had “missed out on much of the recovery in global trade . . . suggesting that Brexit may have been a factor”.

As a result, the UK had become a less trade-intensive economy, which was expected to knock out 4 per cent of its productivity over the next 15 years, it added.

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The OBR noted that “none of the new free trade agreements or other regulatory changes announced so far would be sufficient” to have a material impact on its forecasts for UK trade.

It has estimated that leaving the EU would result in the total UK imports and exports being 15 per cent lower than if Britain had remained part of the EU.

🚨🚨UK goods exports fell 14% in 3 months to Jan v same period in 2020, according to Netherlands Bureau for Economic Policy Analysis. Stark contrast to the global average of an 8.2 per cent rise over the same period. #brexit Via @valentinaromei https://t.co/eextm8VFs6 pic.twitter.com/10UxSn2vDP

— Peter Foster (@pmdfoster) March 26, 2022

Reactions

This worrying graph got people talking on Twitter:

1.

What could possibly have caused such a change in Britain's trade – but didn't happen anywhere else in the western world? #BrexitDisaster #BrexitHasFailed #BrexitShambles pic.twitter.com/63Pl4v4FSf

— Matthew Hardy (@drmatthewhardy) March 26, 2022

2.

As Covid recedes the damage to trade and the economy caused by Brexit becomes more evident

As other countries bounce back it will be undeniable and
this isn’t getting better soon #BrexitHasFailed #RejoinEU pic.twitter.com/BOjGVvs0Ok

— BremainInSpain (@BremainInSpain) March 26, 2022

3.

As every single serious economist argued, massively raising barriers with your main trade partner is an extraordinary act of self-harm.

Everyday brings new reminders of how stupid an idea #Brexit was.

#BrexitHasFailed

https://t.co/XtIccmjBZF pic.twitter.com/vOJesmNQ9K

— Luis Garicano 🇪🇺🇺🇦 (@lugaricano) March 26, 2022

4.

But…er…sovrentee! https://t.co/M8uU2L5kyJ

— nick abbot (@NIAbbot) March 27, 2022

5.

It is almost like Brexit was a stupid idea promoted by russian-backed interests who wanted to sow discord. https://t.co/HfdsLBhYWw

— James Cummings (@jamescummings) March 26, 2022

6.

Give me a B!
Give me an R!
Give me an E!
Give me an X
Give me an I!
Give me a T!

No hiding the fact that the UK's export figures are going in the opposite direction to everyone else's.

That's Brexit. https://t.co/hjAhMbnDdE

— Edwin Hayward 🦄 🗡 (@uk_domain_names) March 26, 2022

7.

More project fear? Oh, no, just facts #BrexitHasFailed https://t.co/T01phtrPHQ

— Ben 3.5% #FBPE (@5Fbpe) March 26, 2022

Related: Twice-sacked Gavin deserves knighthood, says man who replaced him

Tags: Brexit

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