More than a third of businesses say their prospects for growth in 2023 have been hampered by a decline in demand for British goods because of Brexit.
A government-led survey, which collected information from over 3,000 businesses throughout the year, has confirmed that Brexit is a key reason for a decline in trade among British exporters.
The data shows that 43 percent of exporters of services and goods say they saw a decline in trade in 2022. This compared to just 26 percent of businesses who said their exports had increased. The reason most frequently cited behind the drop in trade in recent months is Britain’s departure from the EU.
In January 2021, the EU introduced strict border controls on all food exports from the UK, as part of the Brexit trade agreements with Europe. Consequently, many businesses halted trade with the EU due to the increased costs that came with the new border rules.
Red tape, including additional documentation, admin burdens and new customs procedures, as well as reduced demand for UK services and products, were among the most prominent concerns in relation to the impact Brexit has had on exports among some companies.
The data shows that more than a third of businesses say their prospects for growth in 2023 have been hampered by a decline in demand for British goods because of Brexit.
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