Tory MP Desmond Swayne says new Brexit paperwork is 'monstrous'
A new world trade monitor published on Friday doesn't make for good reading as far as the UK is concerned, with the country's underperformance being blamed on Brexit.
According to the Netherlands Bureau for Economic Policy Analysis, UK goods exports fell 14 per cent in the three months to January in comparison to the same time in 2020 pre-pandemic, the Financial Times reported.
While the UK saw a fall, it was a different story everywhere else with the global average seeing a rise of 8.2 per cent in the same period.
The monitor also included data from the Office for National Statistics, which revealed how the UK's performance was inadequate when looking at advanced countries where exports rose by five per cent.
In the long term, the information showed that the UK export economy has been underperforming, as exports remain below a 2010 average.
This information comes as the Office for Budget Responsibility (OBR) said the UK has “missed out on much of the post-pandemic global economic recovery," suggesting "Brexit may have been a factor".
It also warned UK trade "lagged behind the domestic economic recovery," and the country has become less trade-focused as a result is expected to cause a four per cent reduction in productivity over the next 15 years.
UK goods exports fell 14% in 3 months to Jan v same period in 2020, according to Netherlands Bureau for Economic Policy Analysis. Stark contrast to the global average of an 8.2 per cent rise over the same period. #brexit Via @valentinaromei \n\nhttps://www.ft.com/content/021c629d-5853-4111-9600-ab5f0eb65a35\u00a0\u2026pic.twitter.com/10UxSn2vDP
As a result of these findings, the hashtag "BrexitHasFailed" began to trend on Twitter as Remainers shared their anger at the latest figures.
As every single serious economist argued, massively raising barriers with your main trade partner is an extraordinary act of self-harm. \n\nEveryday brings new reminders of how stupid an idea #Brexit was.\n\n #BrexitHasFailed \n\n https://on.ft.com/3NqckX9\u00a0pic.twitter.com/vOJesmNQ9K
— Luis Garicano \ud83c\uddea\ud83c\uddfa\ud83c\uddfa\ud83c\udde6 (@Luis Garicano \ud83c\uddea\ud83c\uddfa\ud83c\uddfa\ud83c\udde6)
Without Europe, Britain is just a small, isolate island.\nWho'd of thunk it? #BrexitHasFailedpic.twitter.com/gS5rbmYDde
#BrexitHasFailed and here is the proof...pic.twitter.com/e3ZXmVfU1p
— What You Do In The Shadows \ud83c\uddfa\ud83c\udde6 #StandwithUkraine (@What You Do In The Shadows \ud83c\uddfa\ud83c\udde6 #StandwithUkraine)
As Covid recedes the damage to trade and the economy caused by Brexit becomes more evident \n\nAs other countries bounce back it will be undeniable and \nthis isn\u2019t getting better soon #BrexitHasFailed #RejoinEUpic.twitter.com/BOjGVvs0Ok
Meanwhile, earlier this month Michael Saunders, a member of the Bank of England’s monetary policy committee said Brexit had "reduced the economy’s openness, in trade and labour mobility."
Paul Dales, chief UK economist at Capital Economics said although a change in methodologies complicated the UK's trade data, he added: "the bigger picture [is] that exports [are] still struggling to recover from Brexit and the pandemic”.
So these findings along with the OBR's comments kind of dampens the Brexit optimism that the UK's global trade would be improved from the trade deals the government had made since leaving the EU.
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