One year on, what′s next for Brexit?
A year after Britain's new trade pact with the EU was sealed, UK exports to the bloc have plunged. With unfinished business around fisheries, Northern Ireland and financial services, what's next for Brexit?
New rules governing EU-UK trade took effect in January 2021, requiring four-page customs forms for all goods and health certificates for meat and dairy products. As a result, British exports to the EU fell nearly 15% in the first 10 months of the year, according to the EU's statistics agency Eurostat, while UK agri-food exports dropped by more than 25%.
Brexit was supposed to bring an end to EU bureaucracy, but instead of allowing a bonfire of red tape, the additional paperwork hiked export costs that hit many UK and EU-based businesses hard.
"What we can say is that the notable loss of UK trade with continental Europe … was not mirrored in UK trade with the rest of the world," Iain Begg, Professorial Research Fellow at the European Institute, London School of Economics (LSE)
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