Blog: 3 years into Brexit, UK still long way off from hitting £1tn annual export target – India Today

As per the latest reports, exports have slumped with companies suddenly being hit by extra border checks and disruption at customs points. In January 2021, British trade recorded its biggest monthly drop for 20 years.

New Delhi,UPDATED: Jan 23, 2023 08:30 IST

UK’s exports are predicted to fall from £739bn last year to £707bn next year. (Photo: Reuters)

By India Today Web Desk: The United Kingdom will achieve its £1 trillion annual export target only in 2035, 15 years late, as internal forecasts underline how difficult the nation found it difficult to meet predictions made by “Brexiters” when the UK exited the European Union in 2020.

The projections about international trade, years after leaving the EU, were made by the Department for International Trade (DIT), The Guardian reported.

The ambitious ‘£1 trillion annual export by 2020’ target was first set by former UK Prime Minister David Cameron in 2012, and later by Boris Johnson who extended the deadline to 2030, the report said.

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Moreover, three years into Brexit, the UK’s exports are predicted to fall from £739bn last year to £707bn next year, before rising again to £725bn by 2027, the report added.

However, the Rishi Sunak-led government has pinned the blame on “external factors” such as a spike in inflation.

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“Trade barriers, including red tape, sluggish economic performance domestically and globally and insufficient export support have led to the continued suppression of exports. Our research shows one in eight small exporters have temporarily or permanently stopped sales to the EU, with a further one in 10 considering doing so,” Tina McKenzie, the policy chair of the Federation of Small Businesses (FSB), was quoted as saying by The Guardian.

The Leave EU campaign revolved around the promise that if the UK leaves the European Union, it will gain the power to strike its own trade deal, create new business opportunities and more jobs. But as per the latest reports, exports have slumped with companies suddenly hit by extra border checks and disruption at customs points. In January 2021, British trade recorded its biggest monthly drop for 20 years.

Published On:

Jan 23, 2023

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