An investigation reveals the economic impact of Brexit, with businesses facing tariffs and struggling with lost exports.
Brexit has resulted in UK businesses facing tariffs on exports worth up to £9.5 billion to the EU, despite Boris Johnson’s claims of securing a “tariff-free” trade deal. An in-depth investigation has uncovered that more than one in eight traders have experienced a decline in business since the deal’s implementation in January, with some even reporting a complete loss of exports.
The economic fallout is particularly hard on small businesses, with over a quarter now considering relocating parts of their European operations out of the UK, and 16% of them already taking action. These findings are set to be revealed in Channel 4’s Dispatches programme.
This comes on the heels of a warning from the Treasury’s watchdog, the Office for Budget Responsibility, which forecasts that the Brexit trade deal will reduce the UK’s GDP by 4%, costing the economy £80 billion annually.
The impact of Brexit has also been linked to severe autumn shortages in food and fuel, creating additional challenges and threatening timely Christmas deliveries, prompting ministers to acknowledge EU withdrawal as a significant factor behind these disruptions.
