Sharp fall in UK exports to the EU only partly due to Brexit, says IEA expert
Marc Glendening quoted in the Daily Express
“The sharp fall in UK exports to the EU in January was still smaller than some had warned and only partly due to new trade frictions at the end of the Brexit transition period. More timely data also suggest that trade has already begun to recover as businesses adjust to the new arrangements.
“Nonetheless, anything that increases barriers to trade is bad for consumers – and this applies at least as much to imports as it does to exports. Trade is voluntary and benefits both sides, or else it would not happen at all.
“Many UK consumers and businesses have made a free choice to buy imported goods and services rather than those available at home. An increase in trade barriers that forces them to substitute imports from the EU with domestically-produced alternatives is not therefore a ‘benefit’ of Brexit.”
Notes to editors
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