UK-EU Trade Thrives Despite Predictions of Doom
Kemi Badenoch, the Trade Secretary, has strongly criticized those who claimed that Brexit would devastate trade with the EU. According to Badenoch, the economy has not been "severely damaged" as predicted by these doom-mongers. In fact, a new report supports her stance, revealing that UK-EU trade has performed well compared to countries outside the bloc.
Impressive Growth in Goods Exports
The report highlights that UK goods exports to both the EU and non-EU countries have seen significant growth. Between 2019 and 2022, goods exports to the EU rose by 13.5%, while exports to non-EU countries increased by 14.3%. This data defies the gloomy forecasts that Brexit would hinder trade.
Resilient UK Services Sector
The study also reveals positive trends in the UK services sector. Services to the Continent grew by 14.8% during the same period, and exports to countries outside the EU increased by just over a fifth. The Institute of Economic Affairs, which conducted the research, attributes this resilience to the tariff-free and quota-free Trade and Cooperation Agreement signed with the EU in 2020.
Kemi Badenoch Backs the Report
Kemi Badenoch will publicly support the report during the upcoming International Trade Week. At the Boost Your Global Success launch event, she will emphasize that Brexit has not caused severe damage to the UK economy. Instead, she urges a shift in narrative to focus on the country's achievements and potential.
According to Catherine McBride, the author of the report, the notion that Brexit has harmed UK trade is false. The data clearly demonstrates that the predictions of doom were unfounded.
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