Merck Foundation and African First Ladies marking World Cancer Day 2023 through 110 scholarships of Oncology Fellowships in 25 countriesRead more Supporting women leaders and aspirants to unleash their potentialRead more Fake medicines kill almost 500,000 sub-Saharan Africans a year: United Nations Office on Drugs and Crime (UNODC) reportRead more Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more 11 Disruptive Startups Selected for Cohort 3 of the Africa Startup Initiative Program (ASIP) Accelerator Program powered by Startupbootcamp AfricaRead more Africa Data Centres breaks ground on new Sameer facility in NairobiRead more Coffee with a human face: A union that improves livelihoods for Ugandan farmersRead more Trends Predicted to drive the retail industry in 2023Read more Vantage Capital exits Pétro IvoireRead more

UK firms say Brexit deal hampering business performance

show caption
LONDON, UNITED KINGDOM: Anti-Brexit activists marking the fifth anniversary of the UK's EU membership referendum demonstrate outside the Houses of Parliament in London, United Kingdom on June 23, 2021. (David Cliff - Anadolu Agency)
Print Friendly and PDF

Dec 23, 2022 - 06:28 AM

LONDON (AA) – British firms admit that the Brexit trade deal with the European Union under the UK-EU Trade and Co-operation Agreement (TCA) has been a “tough one” and they are facing numerous hardships, making bilateral trade more difficult to manage.

The UK and EU finalized the agreement on the TCA on Dec. 24, 2020 to allow tariff-free trade when Brexit took effect.

But according to the latest data from a survey by the British Chambers of Commerce (BCC), of more than 1,168 businesses, structural barriers to UK-EU trade have become more visible since British firms started abiding by the TCA in 2021.

More than three quarters (77%) of British firms said the TCA is not enabling their business to grow or increase sales.

“It has coincided with the start of a forecast lengthy period of recession and economic and supply chain shocks caused by the war in Ukraine,” the report said.

The survey also showed that as many as 42% of product lines previously exported from the UK to the EU were stopped during the first 15 months of the TCA.

“In 2022, UK goods exports to the EU recovered through the end of Q1 and into Q2, but by the end of Q3, goods exports (which had been inflated by fuel exports to the EU) had tipped once again into negative territory, and services exports remained flat,” it noted.

In addition, as many as 56% of the companies are having difficulty adapting to the new rules for trading goods, while 45% said they are having problems dealing with the new rules for trading services.

Around 44% of the firms also said they are having difficulties obtaining visas for staff.

The report also said these problems remain “unresolvable” due to the current UK political context.

“This is especially relevant given the current state of EU-UK relations, mostly caused by the continued disagreements over the Protocol on Ireland/Northern Ireland, which worsened through 2022 and remain uncertain at the year’s end.”

  • bio
  • twitter
  • facebook
  • latest posts

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.