BCC Head of Economics, Suren Thiru, says practical difficulties faced by businesses on the ground go well beyond teething problems, and with disruption to UK-EU trade flows persisting, trade is likely to be a drag on UK economic growth in the first quarter of 2021.
Results from the latest British Chambers of Commerce survey, in partnership with moneycorp, found that while 44% of UK exporters to the EU plan to grow their exports to the European Union, nearly a quarter (23%) are looking to either reduce their activity in the EU or have no activity at all in the next 12 months, following the ratification of the UK-EU Trade and Co-operation Agreement. Two-thirds of UK businesses are looking to increase activity in the domestic market.
Results from the first major business survey for 2021 by the British Chambers of Commerce on Brexit found that half (49%) of exporters are facing difficulties in adapting to the changes in the trade of goods following the ratification of the UK-EU Trade and Cooperation Agreement (TCA) on 1 January 2021.
With the Brexit transition period set to end in December this year, BCC Director of Trade Facilitation Liam Smyth explains why now is the time for businesses to take action and get ready for a new border operating environment from 1st January 2021.