A View From The USA - CNN News
100 days later, Brexit isn’t working and business wants it fixed
it’s been 100 days since the United Kingdom split from its single biggest trading partner and Brexit is proving to be disastrous for many British exporters, which have rejected Johnson’s description of the issues as “teething problems” and are now asking the government to take urgent action to prevent further losses.
“We are calling on both the UK and EU to get back around the table and produce solutions that reduce trade barriers and give exporters a fighting chance,” British Chambers of Commerce co-executive director Hannah Essex said in a statement on Monday.
“The difficulties exporters are facing are not just ‘teething problems.’ They are structural issues that, if they continue to go unaddressed, could lead to long term, potentially irreversible weakness in the UK export sector,” she added.
The new trading relationship is expected to lead to a long-run loss of output in Britain of around 4% compared to remaining in the European Union, according to the UK Office for Budget Responsibility, which produces economic forecasts for the government. Exports and imports will be around 15% lower in the long run.
According to Jerzewska, the trade expert, the main consequence will be the gradual shift of supply chains as EU producers find alternative suppliers. “Businesses follow the path of least resistance and the new barriers to trade can make the UK suppliers less competitive on the EU market,” she said.
https://edition.cnn.com/2021/04/12/business/brexit-trade-100-days/index.html