The British Chambers of Commerce has set out its manifesto to recruit legions of new UK exporters as its research continues to show poor overseas trade growth.
The British Chambers of Commerce has set out its manifesto to recruit legions of new UK exporters as its research continues to show poor overseas trade growth.
Looking at the last six months, a clear picture is emerging of significantly lower EU imports to the UK than three years ago, with a smaller reduction in exports to the EU.
If agreement can be reached with India on tariff reduction, removing technical barriers to trade in goods and services, and on digital trade it has the best potential of any of the UK’s individual free trade negotiations to date.
New data released today from a survey of 981 businesses carried out by the British Chambers of Commerce has thrown sharp focus on the impact the UK-EU trade deal (TCA) is having on UK firms one year from its implementation.
Businesses will welcome this confirmation that the Australia-UK trade agreement has been finalised. There are opportunities for exporters in a new speedier customs process, zero tariffs on the vast majority of UK exports, improved market access on services, free flow of data and generous provisions on labour mobility for under 35s for up to 3 years.
The recent uplift in trade with the EU following a difficult start to 2021 is not being sustained, and in October tipped into reverse.
Trade with Singapore was worth £17.6bn to the UK in 2019. Once finalised, this agreement should create opportunities to increase that figure through long-standing UK exporters and fast-growing small and medium sized businesses.
In terms of imports in goods, it is striking that non-EU imports have been higher than EU imports for nine months in a row.
A survey of 2,600 UK exporters has revealed that the recovery in export sales has largely stalled in Q3. The proportion of firms reporting increased sales rose only three points (to 30%) from Q2 (27%), whilst the proportion reporting decreased sales fell by just two points (Q3:26%/ Q2: 28%).
The announcement of a deal between the US, the UK, France, Austria, Italy and Spain on digital services taxes, and transitioning unilateral measures taken beforehand, will be strongly welcomed by business in the UK
