The British Chambers of Commerce (BCC) and Bibby Financial Services (BFS) have revealed that uncertainty around Brexit, tariffs and exchange rate volatility are holding back the potential of many UK exporters.
The recent survey included 1,140 internationally active UK businesses, and found that general uncertainty around Brexit was considered the top barrier to export, listed by almost half (47%) of businesses, followed by specific concerns around tariffs and exchange rate volatility, listed by 35% and 33% respectively.
The British Chambers of Commerce (BCC), in partnership with independent business funder, Bibby Financial Services (BFS), has conducted one of the biggest surveys of business opinion since the referendum, amassing the views of over 2,500 firms from across the UK.
We found that nearly two-thirds of firms still aren’t preparing for Brexit – and in the event of a ‘no deal’ outcome many would cut investment and recruitment plans.
Responding to the news that fully vaccinated travellers from the EU and US will not have to quarantine, British Chambers of Commerce Co-Executive Director, Claire Walker, said: “For the hundreds of thousands of people directly employed in the travel industry and the many more that are part of supply chains, this will be welcome news."
Responding to yesterday's ONS trade statistics, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “The pandemic and the shift to new trading conditions in how UK companies sell services to the EU have led to a clear reduction in UK-EU services trade compared with 2019. Today’s ONS data release shows services trade with the EU fell at a brisker rate than trade with the rest of the world over the two years to the end of March 2021. Services exports to the EU fell by 14.7% in that period and imports by 38.8%."
While it will be a relief to some businesses in England that select critical workers can be exempt from self-isolation, it will leave many more still facing critical staff shortages and lost revenue as the number of people being asked to isolate remains high.
Responding to the announcement of the new UK approach to the Northern Ireland Protocol, William Bain, Head of Trade Policy at the BCC, said: “Businesses in both Great Britain and Northern Ireland need durable, workable, negotiated solutions on compliance with the Protocol to ensure the continued two-way flow of goods East-West and North-South. The UK Government and EU need to work together to find solutions which work for business."
